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AMERICAN GENERAL LIFE INS. v. SCHOENTHAL FAMILY

No. 08-10749.

555 F.3d 1331 (2009)

AMERICAN GENERAL LIFE INSURANCE COMPANY, Plaintiff-Counter-Defendant-Appellee Cross-Appellant, v. SCHOENTHAL FAMILY, LLC, Liberty One Funding Trust, Defendants-Counter-Claimants-Appellants Cross-Appellees.

United States Court of Appeals, Eleventh Circuit.

January 30, 2009.

Attorney(s) appearing for the Case

Charles K. McKnight, Jr., Gary James Toman, Nations, Toman & McKnight, LLP, for Defendants.

Lee Edmundson Bains, Jr., David P. Donahue, Michael D. Mulvaney, Scott Samuel Brown, Maynard, Cooper & Gale, P.C., Birmingham, AL, for Plaintiff.

Justin Brett Busby, Mayer Brown, LLP, Houston, TX, for Amicus Curiae.

Before BIRCH and PRYOR, Circuit Judges, and STROM, District Judge.

PRYOR, Circuit Judge:

This appeal concerns whether a statute of Georgia, Ga.Code Ann. § 33-24-7(b), allows an insurer to rescind a life insurance policy because the deceased insured misrepresented his net worth and annual income in his application for the policy. Samuel Schoenthal misrepresented in his application for a policy of $7,000,000 that his net worth was $10,700,000 and his annual income was over $150,000; Schoenthal's net worth, in fact, was $160,000...

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