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AVIVA LIFE AND ANNUITY COMPANY v. AMERICAN GENERAL LIFE INSURANCE COMPANY

Civil Action No. 8414-VCG.

AVIVA LIFE AND ANNUITY COMPANY, and U.S. BANK TRUST NATIONAL ASSOCIATION, as trustee of American Investors Life Insurance Company, Inc. Revocable Trust and as trustee of Indianapolis Life Insurance Company Revocable Trust, Plaintiffs, v. AMERICAN GENERAL LIFE INSURANCE COMPANY, ZC RESOURCE INVESTMENT TRUST, and ZC RESOURCE LLC, Defendants.

Court of Chancery of Delaware.

Decided: April 29, 2014

Attorney(s) appearing for the Case

Martin S. Lessner and Richard J. Thomas , of YOUNG CONAWAY STARGATT & TAYLOR, LLP, Wilmington, Delaware; OF COUNSEL: James P. Gillespie , Jason R. Parish , Michael A. Glick , and John S. Moran , of KIRKLAND & ELLIS LLP, Washington, DC, Attorneys for Plaintiff Aviva Life and Annuity Company.

Brian C. Ralston , Matthew J. O'Toole , and Christopher N. Kelly , of POTTER, ANDERSON & CORROON LLP, Wilmington Delaware, Attorneys for Plaintiff U.S. Bank Trust National Association.

Kenneth J. Nachbar and Kevin M. Coen , of MORRIS, NICHOLS, ARSHT & TUNNELL LLP, Wilmington, Delaware, Attorneys for Defendant American General Life Insurance Company.

Joel Friedlander and Jaclyn C. Levy , of BOUCHARD MARGULES & FRIEDLANDER, P.A., Wilmington, Delaware; OF COUNSEL: Alan B. Vickery , of BOIES SCHILLER & FLEXNER LLP, New York, New York, and Jennifer Altman , of BOIES SCHILLER & FLEXNER LLP, Miami, Florida, Attorneys for Defendants ZC Resource Investment Trust and ZC Resource LLC.

MEMORANDUM OPINION

GLASSCOCK, Vice Chancellor.

It is a commonplace to note that incentives matter, that imposition of taxes begets exceptions to that imposition, and that the existence of exceptions provides an opportunity for tax adepts to benefit from investments that would not be made, absent the positive tax consequences. This matter involves the tax treatment of life insurance benefits as compensation rather than taxable income. The Plaintiffs contracted...

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