MATTER OF LIQUIDATION OF INTEGRITY


281 N.J. Super. 364 (1995)

657 A.2d 902

IN THE MATTER OF THE LIQUIDATION OF INTEGRITY INSURANCE COMPANY.

Superior Court of New Jersey, Appellate Division.

Decided May 12, 1995.


Attorney(s) appearing for the Case

Shanley & Fisher and Bower & Gardner, attorneys for appellant/cross-respondent Credit Lyonnais (Saretsky, Katz & Dranoff, Barry G. Saretsky and Scott S. Greenspun, of counsel; Susan M. Sharko, on the brief).

Sills Cummis Zuckerman Radin Tischman Epstein & Gross, attorneys for respondent/cross appellant The Commissioner of Insurance of the State of New Jersey, in his capacity as Liquidator of Integrity Insurance Company (Thomas S. Novak, of counsel; Stuart Rosen, on the brief).

McElroy, Deutsch & Mulvaney, attorneys for surety reinsurers Allstate Insurance Company, Resolute Reinsurance Company and Skandia America Reinsurance Corporation, (James M. Mulvaney, of counsel; Margaret F. Catalano, on the brief)1.

Before Judges DREIER, VILLANUEVA and BRAITHWAITE, JJ.


The opinion of the court was delivered by VILLANUEVA, J.A.D.

Claimant, Credit Lyonnais, the obligee bank under surety bonds issued by Integrity Insurance Company (Integrity), later declared insolvent, appeals without leave granted from an order of the Chancery Division declaring that the Liquidator of Integrity, because of Integrity's insolvency, properly disallowed so much of Credit Lyonnais' proofs of claim that sought indemnification for sums due under promissory...

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