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PEOPLE EX REL. SCHACHT v. PRESTIGE CAS. CO.

No. 1-95-3058.

678 N.E.2d 785 (1997)

287 Ill. App.3d 577

222 Ill.Dec. 913

The PEOPLE ex rel. James W. SCHACHT, Acting Director of Insurance, Plaintiff-Appellee, v. PRESTIGE CASUALTY COMPANY, Defendant, (Holstein, Mack and Klein, Appellant; Illinois Insurance Guaranty Fund, Appellee).

Appellate Court of Illinois, First District, Third Division.

March 31, 1997.

Attorney(s) appearing for the Case

Robert A. Holstein and Aron D. Robinson of Holstein, Mack and Klein, Chicago, for Appellant Holstein, Mack and Klein.

John B. Simon and Kristina M. Entner, of Jenner & Block, Chicago (Peter G. Gallanis and Dale A. Coonrod, Counsel to the Director as Liquidator), for Appellee Director of Insurance of the State of Illinois.

R.R. McMahan, Rowe W. Snider and Ronald M. Lepinskas, of Lord, Bissell & Brook, Chicago, for Appellee Illinois Insurance Guaranty Fund.

Justice CAHILL delivered the opinion of the court:

We review a constitutional challenge to that part of the Insurance Code which governs the way assets of an insurance company are distributed after liquidation. Section 205(1) of the Code (215 ILCS 5/205(1) (West 1994)) sets out seven claim categories in the order they are to be paid. They begin with the costs and expenses of administration and descend to the proprietary claims of shareholders or other owners. General...

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