OREGON LIFE AND HEALTH INS. GUARANTY v. INTER-REGIONAL FINANCIAL

9504-02539; CA A95352.

967 P.2d 880 (1998)

156 Or. App. 485

OREGON LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION, Appellant, v. INTER-REGIONAL FINANCIAL GROUP, INC., nka Interra Financial Incorporated, and Dain Bosworth Incorporated, Respondents.

Court of Appeals of Oregon.

Decided October 14, 1998.


Attorney(s) appearing for the Case

William J. Hansen, Denver, Colorado, argued the cause for appellant. With him on the briefs were Gerald P. McDermott and McDermott & Hansen, Denver, Colorado, Daniel M. Reilly and McKenna & Cuneo, L.L.P., Denver, Colorado, Larry S. Pozner and Larry Pozner, P.C., Denver, Colorado, and Patrick N. Rothwell and Hallmark, Keating & Abbott, P.C., Portland, Oregon.

James K. Langdon II, Minneapolis, Minnesota, argued the cause for respondents. With him on the brief were Roger J. Magnuson, James B. Lynch, Clifford S. Anderson, and Dorsey & Whitney LLP, Minneapolis, Minnesota, and Michael H. Simon, Andrew J. Bowman, and Perkins Coie, Portland, Oregon.

Before De MUNIZ, P.J., and HASELTON and LINDER, JJ.


De MUNIZ, Presiding Judge.

This action arises out of the sale of single premium deferred annuities to 12 Oregon citizens. The company that sold those annuities, Midwest Life Insurance Company (Midwest), eventually collapsed, causing the Oregon annuity holders to lose their investments. Plaintiff, Oregon Life and Health Insurance Guaranty Association, as a statutory guarantor, paid the losses sustained by the Oregon annuity holders and, in so doing, became subrogated...

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