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FARM CREDIT BANK OF TEXAS v. GUIDRY

No. 96-30623.

110 F.3d 1147 (1997)

FARM CREDIT BANK OF TEXAS, Plaintiff-Appellee, v. Lorita Richard GUIDRY, et al., Defendants, Lorita Richard Guidry & Patrick Guidry, in his capacity as Trustee of the Lorita R. Guidry Trust, Defendants-Appellants.

United States Court of Appeals, Fifth Circuit.

April 14, 1997.

Attorney(s) appearing for the Case

William C. Gambel, Mark Peter Dauer, Jean Marie Sweeney, Milling, Benson, Woodward, Hillyer, Pierson & Miller, New Orleans, LA, for Farm Credit Bank of Texas, Plaintiff-Appellee.

G. Allen Walsh, Baton Rouge, LA, for Defendants-Appellants.

William Shelby McKenzie, Harry Joseph Philips, Jr., Taylor, Porter, Brooks & Phillips, Baton Rouge, LA, for Lincoln National Life Insurance Co., Amicus Curiae.

Harry Alston Johnson, III, Phelps Dunbar, Baton Rouge, LA, for American Council of Life Insurance, Amicus Curiae.

Before JOLLY, JONES and WIENER, Circuit Judges.

WIENER, Circuit Judge:

This is an appeal challenging the district court's determination that, at the time of its seizure under garnishment, i.e., during its initial, "accumulation" period, the "American Legacy II, Lincoln National Variable Annuity Account" (the Lincoln National account) previously purchased by Defendant-Appellant Lorita Guidry and transferred to her grantor trust, is not an "annuity" for purposes of Louisiana's seizure laws and therefore not exempt...

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