PHL VARIABLE INS. CO. v. BANK OF UTAH

No. 14-1210.

780 F.3d 863 (2015)

PHL VARIABLE INSURANCE COMPANY, Plaintiff-Appellee v. BANK OF UTAH, Defendant-Appellant. Institutional Longevity Markets Association, Amicus on Behalf of Appellant.

United States Court of Appeals, Eighth Circuit.

Filed: March 13, 2015.

Corrected: March 17, 2015.


Attorney(s) appearing for the Case

Thomas F.A. Hetherington , argued Houston, TX, ( David T. McDowell , Houston, TX., Jarrett E. Ganer , and Hutson Brit Smelley , Houston, TX, on the brief), for Plaintiff-Appellee.

Robert Mark Loeb , argued, Washington, DC, ( Thomas Franklin Nelson , Timothy Kadee J. Anderson , Patrick Griffin , Minneapolis, MN., Philipp Smaylovsky , Stephen Foresta , Marc R. Shapiro , Alec Orenstein , Shaila Rahman Diwan , New York, NY. Khai LeQuang, I , Irvine, CA., Nancy E. Harris , San Francisco, CA., on the brief), for Defendant-Appellant.

Before LOKEN, COLLOTON, and SHEPHERD, Circuit Judges.


This case turns on the validity of a $5 million life insurance policy issued in 2007 by PHL Variable Life Insurance Company (PHL) insuring the life of William Close. When Close died in 2011, the policy was a stranger-owned-life-insurance policy ("STOLI policy"), owned after interim...

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