VETTER v. SECURITY CONTINENTAL INS. CO.

No. C6-96-843.

567 N.W.2d 516 (1997)

Willard O. VETTER, as Trustee for Vetter Stone Employees Savings and Retirement Plan and Vetter Stone Co., Money Purchase Pension, et. al., petitioners, Appellants, v. SECURITY CONTINENTAL INSURANCE COMPANY, a Delaware life insurance company (f/k/a Inter-American Insurance Company of Delaware), et al., Respondents.

Supreme Court of Minnesota.

August 21, 1997.


Attorney(s) appearing for the Case

Masion, Edelman, Borman & Brand LLP, Gary J. Haugen, David F. Herr, Jonathan S. Parritz, Minneapolis, for Appellants.

Oppenheimer Wolff & Donnelly, David C. Bohrer, Chicago, IL, Oppenheimer Wolff & Donnelly, Edward M. Laine, Minneapolis, for Respondents.

Heard, considered, and decided by the court en banc.


OPINION

STRINGER, Justice.

In this matter we are asked to consider whether a novation occurred releasing the original Illinois-based insurance company obligor from the terms of annuity contracts held by a Minnesota trustee. The trial court held that there was no material fact "remotely suggesting that the Plaintiffs intended to release the original insurance company * * *" under the standards of novation applied in either Minnesota or Illinois, and...

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