00a0336p.06

98-4025; 98-4026Court of Appeals for the Sixth Circuit25 sept. 2000

Texte intégral


5(&200(1'(' )25 )8//7(;7 38%/,&$7,21
3XUVXDQW WR 6L[WK &LUFXLW 5XOH
(/(&7521,& &,7$7,21 )(' $SS 3 WK &LU
)LOH 1DPH DS
81,7('67$7(6&28572)$33($/6
)257+(6,;7+&,5&8,7
BBBBBBBBBBBBBBBBB
&(175$/ 67$7(6
6287+($67 6287+:(67
$5($6 3(16,21 )81'DQ
HPSOR\HHZHOIDUHEHQHILW
SODQHWDO
3ODLQWLIIV
Y
-2$11 0 +2:(//
'HIHQGDQW$SSHOOHH
&URVV$SSHOODQW
6+(5</ / 785&2:
.(11(7+ 1 +2:(// '$9,'
% +2:(//
'HIHQGDQWV$SSHOODQWV
&URVV$SSHOOHHV
;!

1
1RV
$SSHDOIURPWKH8QLWHG6WDWHV'LVWULFW&RXUW
IRUWKH1RUWKHUQ'LVWULFWRI2KLRDW7ROHGR
1R²'DYLG$.DW]'LVWULFW-XGJH
$UJXHG0DUFK
'HFLGHGDQG)LOHG6HSWHPEHU

-- 1 of 8 --

&HQWUDO6WDWHV3HQVLRQ
)XQGY+RZHOOHWDO
1RV
1DPHG SDUW\ .HQQHWK 1 +RZHOO UHIHUV WR KLPVHOI DV 1HLO 7R
DYRLG FRQIXVLRQ EHWZHHQ WKH GHFHDVHG .HQQHWK +RZHOO DQG WKH .HQQHWK
1 +RZHOO ZKR LV D SDUW\ WR WKLV DSSHDO .HQQHWK +RZHOO WKH IDWKHU ZLOO
EH UHIHUUHG WR DV .HQQHWK DQG .HQQHWK +RZHOO WKH VRQ ZLOO EH UHIHUUHG
WR DV 1HLO
%HIRUH-21(6%$7&+(/'(5DQG&/$<&LUFXLW
-XGJHV
BBBBBBBBBBBBBBBBB
&2816(/
$5*8(''HQQLV36WURQJ6\OYDQLD2KLRIRU$SSHOODQWV
-RKQ%)LVKHU02//(1.$03 ),6+(57ROHGR2KLR
IRU$SSHOOHH21%5,()'HQQLV36WURQJ6\OYDQLD2KLR
IRU$SSHOODQWV-RKQ%)LVKHU02//(1.$03 ),6+(5
7ROHGR2KLRIRU$SSHOOHH
BBBBBBBBBBBBBBBBB
23,1,21
BBBBBBBBBBBBBBBBB
$/,&( 0 %$7&+(/'(5 &LUFXLW -XGJH -R$QQ DQG
.HQQHWK+RZHOOZHUHPDUULHGRQ$SULO.HQQHWK
KDGWKUHHFKLOGUHQE\ DSULRUPDUULDJH±6KHU\O1HLODQG
'DYLG$WWKHWLPHRIKLVGHDWK.HQQHWKZDVFRYHUHGE\
WKUHHOLIHLQVXUDQFHSROLFLHV7ZRRIWKHSROLFLHVLVVXHGE\
SULYDWHLQVXUHUVDUHQRWJRYHUQHGE\(5,6$7KHUHPDLQLQJ
SROLF\±WKH&HQWUDO6WDWHV6RXWKHDVWDQG6RXWKZHVW$UHDV
+HDOWK :HOIDUH)XQG ³&HQWUDO6WDWHV´ SROLF\±LVSDUWRI
DQHPSOR\HHEHQHILWZHOIDUHSODQJRYHUQHGE\(5,6$
2Q'HFHPEHU-R$QQILOHGIRUGLYRUFHLQ0RQURH
0LFKLJDQ7KHGRPHVWLFUHODWLRQVFRXUWLQ0LFKLJDQHQWHUHG
DQRUGHURQ-DQXDU\SURKLELWLQJERWK-R$QQDQG
.HQQHWKIURP³DFWLQJWRGLVSRVHRIWRGHVWUR\VHOOWUDQVIHU
RUFRQFHDODQ\RIWKHPDULWDODVVHWVRIWKHSDUWLHV´GXULQJWKH

-- 2 of 8 --

&HQWUDO6WDWHV3HQVLRQ
)XQGY+RZHOOHWDO
1RV
RU QRW VKH UHFHLYHV WKH SURFHHGV IURP KLV OLIH LQVXUDQFH
SROLF\6HH6HDUVY*LGGD\1: 0LFK
&21&/86,21
)RUWKHIRUHJRLQJUHDVRQVZH$)),50WKHMXGJPHQWRIWKH
GLVWULFW FRXUW DZDUGLQJ WKH SURFHHGV RI WKH QRQ(5,6$
SROLFLHVWR-R$QQ+RZHOODQGDVVHVVLQJWKHEXULDOFRVWVWR
-R$QQ+RZHOO+RZHYHUZH5(0$1'WKHFDVHIRUIXUWKHU
FRQVLGHUDWLRQRIZKHWKHUWKHHTXLWLHVDUHVXFKWKDWWKHGLVWULFW
FRXUWVKRXOGLPSRVHDFRQVWUXFWLYHWUXVWRQWKH(5,6$SODQ
SURFHHGVIRUWKHEHQHILWRI-R$QQ+RZHOO
1RV &HQWUDO6WDWHV3HQVLRQ
)XQGY+RZHOOHWDO

:H KDYH H[SOLFLWO\ KHOG WKDW WKH IHGHUDO FRXUWV KDYH MXULVGLFWLRQ RYHU
DQ DFWLRQ IRU LQWHUSOHDGHU WR GHWHUPLQH WKH SURSHU EHQHILFLDU\ RI EHQHILWV
SD\DEOH IURP DQ (5,6$ HPSOR\HH ZHOIDUH SODQ 6HH 0HWURSROLWDQ /LIH
,QV &R Y 0DUVK )G WK &LU ³,Q VXP 0HW /LIH
KDV SURSHUO\ DVVHUWHG D FDXVH RI DFWLRQ SXUVXDQW WR 86&
† D % LL DQG WKLV DFWLRQ DULVHV XQGHU IHGHUDO ODZ 7KHUHIRUH LW
GRHV QRW PDWWHU ZKHWKHU DSSHOODQWV KDYH VWDQGLQJ WR DVVHUW DQ (5,6$
FDXVH RI DFWLRQ´
SHQGHQF\RIWKHGLYRUFHSURFHHGLQJV1RWZLWKVWDQGLQJWKLV
RUGHU .HQQHWK FKDQJHG WKH EHQHILFLDU\ GHVLJQDWLRQ RQ DOO
WKUHH OLIH LQVXUDQFH SROLFLHV IURP -R$QQ WR KLV FKLOGUHQ
.HQQHWKGLHGRQ)HEUXDU\ZKLOHWKHGLYRUFHZDV
VWLOO SHQGLQJ LQ 0LFKLJDQ +LV GHDWK PRRWHG WKH SHQGLQJ
GLYRUFH SURFHHGLQJ OHDYLQJ .HQQHWK¶V PDULWDO VWDWXV
XQFKDQJHG
$IWHU .HQQHWK¶V GHDWK LW ZDV GLVFRYHUHG WKDW WKH GHDWK
FHUWLILFDWH HUURQHRXVO\ LQGLFDWHG KLV PDULWDO VWDWXV DV
³GLYRUFHG´7KHPLVWDNHZDVXOWLPDWHO\FRUUHFWHGEXWQRW
EHIRUH .HQQHWK¶V FKLOGUHQ SUHVHQWHG WKH HUURQHRXV GHDWK
FHUWLILFDWHWRDOOWKUHHLQVXUHUVDVSDUWRIWKHSURRIRIWKHLU
FODLPIRUWKHSURFHHGVRIWKHSROLFLHV7KHWZRQRQ(5,6$
SROLFLHV SDLG WKH EHQHILWV WR WKH FKLOGUHQ &HQWUDO 6WDWHV
KRZHYHUZDVFRQFHUQHGDVWRWKHULJKWIXOEHQHILFLDU\RILWV
SROLF\VRLWLQLWLDWHGWKLVDFWLRQLQWKH8QLWHG6WDWHV'LVWULFW
&RXUWIRUWKH1RUWKHUQ'LVWULFWRI,OOLQRLV(DVWHUQ'LYLVLRQ
RQ2FWREHU
,QLWV&RPSODLQWIRU,QWHUSOHDGHU&HQWUDO6WDWHVDOOHJHGWKDW
MXULVGLFWLRQZDVSURSHULQIHGHUDOFRXUWEHFDXVHWKHLQVXUDQFH
EHQHILWVDWLVVXHZHUHJRYHUQHGE\(5,6$&HQWUDO6WDWHV
DOVRDOOHJHGWKDWYHQXHZRXOGEHSURSHULQWKHGLVWULFWFRXUWLQ
,OOLQRLVZKHUHWKHSODQZDVDGPLQLVWHUHG7KH,OOLQRLVFRXUW
DFFHSWHG&HQWUDO6WDWHV¶SD\PHQWRI WKHDPRXQWRI
WKHLQVXUDQFH EHQHILWVDWLVVXHXQGHUWKH(5,6$SODQ DQG
GLVPLVVHG&HQWUDO6WDWHVDVDSDUW\8SRQWKHGLVPLVVDORI
&HQWUDO 6WDWHV WKH FDVH ZDV WUDQVIHUUHG WR WKH 1RUWKHUQ
'LVWULFWRI2KLR:HVWHUQ'LYLVLRQSXUVXDQWWRWKHDJUHHPHQW

-- 3 of 8 --

&HQWUDO6WDWHV3HQVLRQ
)XQGY+RZHOOHWDO
1RV
7KH WZR QRQ(5,6$ SROLFLHV SDLG EHQHILWV WR WKH FKLOGUHQ WRWDOLQJ
7KH YDOXH RI WKH &HQWUDO 6WDWHV SROLF\ ZDV DQG WKH
EXULDO H[SHQVHV SDLG E\ WKH FKLOGUHQ IRU .HQQHWK¶V EXULDO WRWDOHG
8SRQ DVVLJQLQJ WKH EXULDO H[SHQVHV WR -R$QQ WKH GLVWULFW
FRXUW RUGHUHG HDFK RI WKH FKLOGUHQ WR SD\ -R$QQ WKH IROORZLQJ DPRXQWV ±
6KHU\O 1HLO DQG 'DYLG
RI WKH UHPDLQLQJ SDUWLHV -R$QQ +RZHOO DQG .HQQHWK
+RZHOO¶VFKLOGUHQ
$IWHUWKHFDVHZDVWUDQVIHUUHGWR2KLR-R$QQILOHGDFURVV
FODLPDJDLQVWWKHFKLOGUHQDVVHUWLQJWKDWWKHSURFHHGVIURPWKH
WZRQRQ(5,6$OLIHLQVXUDQFHSROLFLHVKDGEHHQLPSURSHUO\
SDLGWRWKHFKLOGUHQ2Q$XJXVW-R$QQPRYHGIRU
VXPPDU\ MXGJPHQW RQ DOO WKH FODLPV 7KH GLVWULFW FRXUW
H[HUFLVLQJERWKRULJLQDOMXULVGLFWLRQRYHUWKH(5,6$FODLP
DQGVXSSOHPHQWDOMXULVGLFWLRQRYHUWKHVWDWHODZFODLPVKHOG
WKDWWKHSURFHHGVRIWKHWZRQRQ(5,6$SROLFLHVKDGEHHQ
LPSURSHUO\ SDLG WR WKH FKLOGUHQ EXW WKDW WKH FKLOGUHQ ZHUH
HQWLWOHGWRWKHSURFHHGVIURPWKH(5,6$SROLF\%HFDXVHWKH
FKLOGUHQ KDG DOUHDG\ UHFHLYHG WKH SURFHHGV IURP WKH QRQ
(5,6$ SROLFLHV DQG EHFDXVH WKDW DPRXQW H[FHHGHG WKH
WKHFKLOGUHQZHUHHQWLWOHGWRUHFHLYHIURPWKH(5,6$
SROLF\WKHGLVWULFWFRXUWRUGHUHGWKDW WKHFOHUNRIFRXUWV
SD\ -R$QQ +RZHOO WKH WKDW KDG EHHQ SUHYLRXVO\
GHSRVLWHGE\&HQWUDO6WDWHVDQG WKHFKLOGUHQSD\-R$QQ
WKHGLIIHUHQFHHDFKFKLOGEHLQJUHVSRQVLEOHIRUKLVRUKHU
VKDUH
%RWK-R$QQDQGWKHFKLOGUHQVRXJKWUHFRQVLGHUDWLRQRIWKH
GLVWULFW FRXUW¶V GHFLVLRQ DV WR WKHLU UHVSHFWLYH ULJKWV WR WKH
LQVXUDQFHSURFHHGV,QDGGLWLRQWKHFKLOGUHQVRXJKWWRKDYH
WKH GLVWULFW FRXUW FUHGLW WKHP ZLWK KDYLQJ SDLG IRU WKH
GHFHGHQW¶VEXULDOH[SHQVHVDQGWRUHGXFHWKHVXPSD\DEOHWR
-R$QQ E\ WKDW DPRXQW 7KH GLVWULFW FRXUW DJUHHG ZLWK WKH
FKLOGUHQDQGDGMXVWHGLWVRUGHURQ-XO\$OORWKHU
FODLPVIRUUHFRQVLGHUDWLRQZHUHGHQLHG$WLPHO\QRWLFHRI
DSSHDOZDVILOHGRQ$XJXVW
1RV &HQWUDO6WDWHV3HQVLRQ
)XQGY+RZHOOHWDO

:H QRWH WKDW WKH 1LQWK &LUFXLW KDV KHOG WKDW (5,6$ GRHV QRW
SUHHPSW WKH LPSRVLWLRQ RI D FRQVWUXFWLYH WUXVW RQ (5,6$ ZHOIDUH SODQ
EHQHILWV HYHQ EHIRUH GLVWULEXWLRQ RI WKH EHQHILWV WR D SODQ EHQHILFLDU\ 6HH
(PDUG Y +XJKHV $LUFUDIW &R )G WK &LU +RZHYHU
DW OHDVW DV WR WKH GHVLJQDWLRQ RI SODQ EHQHILFLDULHV WKH 1LQWK &LUFXLW¶V UXOH
UXQV DIRXO RI RXU EULJKW OLQH UXOH WKDW WKH QDPH RQ WKH EHQHILFLDU\ FDUG
FRQWUROV WKH SD\PHQW RI EHQHILWV DQG ZH H[SUHVVO\ UHMHFW DQ\ UHDGLQJ RI
WKLV RSLQLRQ WKDW ZRXOG HURGH WKH UXOH ZH VHW IRUWK LQ 0F0LOODQ Y 3DUURWW
)G WK &LU DQG LWV SURJHQ\
,Q WKLV FDVH WKH -R$QQ +RZHOO VHHNV WR LPSRVH D
FRQVWUXFWLYH WUXVW RQ .HQQHWK +RZHOO¶V (5,6$ ZHOIDUH
EHQHILW SODQ EHQHILWV .HQQHWK +RZHOO FKDQJHG WKH
EHQHILFLDU\ GHVLJQDWLRQ LQ DFFRUGDQFH ZLWK WKH SODQ
GRFXPHQWV 2Q WKLV LVVXH RXU SUHFHGHQWV DUH FOHDU ± WKH
EHQHILFLDU\ FDUG FRQWUROV WKH SHUVRQ WR ZKRP WKH SODQ
DGPLQLVWUDWRU PXVW SD\ WKH EHQHILWV +RZHYHU ZH KROG
WRGD\WKDWRQFHWKHEHQHILWVKDYHEHHQUHOHDVHGWRWKHSURSHUO\
GHVLJQDWHGEHQHILFLDU\WKHGLVWULFWFRXUWKDVWKHGLVFUHWLRQWR
LPSRVHDFRQVWUXFWLYHWUXVWXSRQWKRVHEHQHILWVLQDFFRUGDQFH
ZLWKDSSOLFDEOHVWDWHODZLIHTXLW\VRUHTXLUHV7KHGLVWULFW
FRXUW¶VRSLQLRQGLGQRWIXOO\GLVFXVVWKHHTXLWLHVDPRQJWKH
SDUWLHVEHFDXVHLWDSSDUHQWO\EHOLHYHGWKDW(5,6$SUHFOXGHG
LW IURP LPSRVLQJ D FRQVWUXFWLYH WUXVW :H WKHUHIRUH
5(0$1'WKLVFDVHIRUWKHGLVWULFWFRXUW¶VFRQVLGHUDWLRQRI
WKHHTXLWLHVXQGHUDSSOLFDEOH0LFKLJDQVWDWHODZ+RZHYHU
LQ VR GRLQJ ZH H[SUHVV QR RSLQLRQ ZKDWVRHYHU DV WR KRZ
WKRVHHTXLWLHVOLH
,,, 7KH%XULDO&RVWV
-R$QQ+RZHOOFRQWHQGVWKDWVKHZDVZURQJO\DVVHVVHGWKH
EXULDODQGIXQHUDOFRVWVWKDWWKHFKLOGUHQSDLGRQWKHLUIDWKHU¶V
EHKDOI-R$QQDUJXHVWKDWVKHVKRXOGEHDVVHVVHGWKHIXQHUDO
FRVWV RQO\ LI VKH LV DZDUGHG WKH SURFHHGV IURP DOO WKUHH
SROLFLHV 7KLV DUJXPHQW LV ZKROO\ ZLWKRXW PHULW -R$QQ
YLJRURXVO\DVVHUWVKHUVWDWXVDV.HQQHWK¶VZLIHWRFODLPWKH
PDULWDOSURSHUW\DVDUHVXOWRIKLVGHDWK$V.HQQHWK¶VZLIH
-R$QQLVUHVSRQVLEOHIRUKLVEXULDOFRVWVUHJDUGOHVVRIZKHWKHU

-- 4 of 8 --

&HQWUDO6WDWHV3HQVLRQ
)XQGY+RZHOOHWDO
1RV
JDUQLVKPHQWSURFHHGLQJV6HH0DFNH\Y/DQLHU&ROOHFWLRQ
$JHQF\ DQG 6HUY ,QF 86 ³
&RQJUHVV GLG QRW LQWHQG WR IRUELG WKH XVH RI VWDWHODZ
PHFKDQLVPVRIH[HFXWLQJMXGJPHQWVDJDLQVW(5,6$ZHOIDUH
EHQHILW SODQV HYHQ ZKHQ WKRVH PHFKDQLVPV SUHYHQW SODQ
SDUWLFLSDQWV IURP UHFHLYLQJ WKHLU EHQHILWV´ :KHQ WKH
6XSUHPH&RXUWFRQVLGHUHGWKHSURSULHW\RIDOORZLQJDVWDWHWR
LPSRVHDFRQVWUXFWLYHWUXVWXSRQ(5,6$SODQEHQHILWVWKH
&RXUWVWDWHG³:HVHHQRPHDQLQJIXOGLVWLQFWLRQEHWZHHQD
ZULW RI JDUQLVKPHQW DQG WKH FRQVWUXFWLYH WUXVW UHPHG\
LPSRVHGLQWKLVFDVH´6HH*XLGU\Y6KHHW0HWDO:RUNHUV
1DW¶O3HQVLRQ)XQG86 +RZHYHUWKH
+LJK&RXUWGLVWLQJXLVKHGEHWZHHQ(5,6$¶VDQWLDOLHQDWLRQ
SURYLVLRQJRYHUQLQJHPSOR\HHZHOIDUHEHQHILWSODQVVXFKDV
WKH RQH SUHVHQWHG LQ 0DFNH\ DQG WKH SURYLVLRQ JRYHUQLQJ
SHQVLRQSODQVVXFKDVWKHRQHSUHVHQWHGLQ*XLGU\2QWKDW
GLVWLQFWLRQWKH&RXUWFRQFOXGHGWKDWDFRQVWUXFWLYHWUXVWFRXOG
QRWEHLPSRVHGDJDLQVWDQ(5,6$SHQVLRQSODQ6HH*XLGU\
86DW
2Q UHPDQG IURP WKH 6XSUHPH &RXUW WKH 7HQWK &LUFXLW
FRQVLGHUHG ZKHWKHU D FRQVWUXFWLYH WUXVW FRXOG EH LPSRVHG
XSRQ (5,6$ SHQVLRQ SODQ EHQHILWV DIWHU WKH\ KDG EHHQ
GLVWULEXWHG WR WKH EHQHILFLDU\ 6HH *XLGU\ Y 6KHHW 0HWDO
:RUNHUV1DW¶O3HQVLRQ)XQG)G WK
&LU HQ EDQF GHFLVLRQ DIWHU UHPDQG IURP WKH 86
6XSUHPH&RXUW*XLGU\86DW 7KH7HQWK&LUFXLW
UHFRJQL]HG WKDW WKH DQWLDOLHQDWLRQ SURYLVLRQ RI (5,6$
SUHFOXGHG WKH LPSRVLWLRQ RI D FRQVWUXFWLYH WUXVW EHIRUH
GLVWULEXWLRQ RI EHQHILWV WR WKH EHQHILFLDU\ EXW LW KHOG WKDW
QRWKLQJLQWKHOHJLVODWLYHVFKHPHSUHYHQWHGWKHLPSRVLWLRQRI
D FRQVWUXFWLYH WUXVW DIWHU WKH EHQHILWV ZHUH SDLG WR WKH
EHQHILFLDU\RIWKHSHQVLRQEHQHILWV6HHLGDW:HILQG
WKH7HQWK&LUFXLW¶VUHDVRQLQJSHUVXDVLYH7RGD\ZHKROGWKDW
RQFHWKHEHQHILWVRIDQ(5,6$HPSOR\HHZHOIDUHEHQHILWSODQ
KDYH EHHQ GLVWULEXWHG DFFRUGLQJ WR WKH SODQ GRFXPHQWV
(5,6$GRHVQRWSUHHPSWWKHLPSRVLWLRQRIDFRQVWUXFWLYH
WUXVWRQWKRVHEHQHILWV
1RV &HQWUDO6WDWHV3HQVLRQ
)XQGY+RZHOOHWDO

$1$/<6,6
:HUHYLHZDGLVWULFWFRXUW¶VJUDQWRIVXPPDU\MXGJPHQWGH
QRYR6HH$OOHQY0LFKLJDQ'HS¶WRI&RUUHFWLRQV)G
WK&LU 6XPPDU\MXGJPHQWLVSURSHULI³WKH
SOHDGLQJV GHSRVLWLRQV DQVZHUV WR LQWHUURJDWRULHV DQG
DGPLVVLRQVRQILOHWRJHWKHUZLWKWKHDIILGDYLWVLIDQ\VKRZ
WKDWWKHUHLVQRJHQXLQHLVVXHDVWRDQ\PDWHULDOIDFWDQGWKDW
WKHPRYLQJSDUW\LVHQWLWOHGWRDMXGJPHQWDVDPDWWHURIODZ´
)(' 5 &,9 3 F :KHQUHYLHZLQJDPRWLRQIRUVXPPDU\
MXGJPHQWWKHHYLGHQFHDOOIDFWVDQGDQ\LQIHUHQFHVWKDWPD\
EH GUDZQ IURP WKH IDFWV PXVW EH YLHZHG LQ WKH OLJKW PRVW
IDYRUDEOH WR WKH QRQPRYLQJ SDUW\ 6HH 0DWVXVKLWD (OHF
,QGXV&RY=HQLWK5DGLR&RUS86
FLWLQJ 8QLWHG 6WDWHV Y 'LHEROG ,QF 86
SHUFXULDP
, 7KH1RQ(5,6$3ROLFLHV
$WWKHWLPH.HQQHWK+RZHOOGHVLJQDWHGKLVFKLOGUHQDVKLV
EHQHILFLDULHVWRWKHQRQ(5,6$OLIHLQVXUDQFHSROLFLHVKHZDV
VXEMHFWWRDQRUGHUIURPWKHVWDWHGRPHVWLFUHODWLRQVFRXUWWKDW
SUHFOXGHGKLPIURPGLVSRVLQJRIDQ\PDULWDODVVHWZKLOHKLV
GLYRUFHZDVSHQGLQJ:HPXVWWKHUHIRUHFRQVLGHUZKHWKHU
.HQQHWK¶VFKDQJHLQEHQHILFLDU\RQWKRVHQRQ(5,6$SROLFLHV
YLRODWHGVWDWHODZDQGZKDWHIIHFWVXFKYLRODWLRQZRXOGKDYH
XQGHUDSSOLFDEOHVWDWHODZ7KH+RZHOO¶VGLYRUFHZDVEHLQJ
DGMXGLFDWHGLQWKH0LFKLJDQVWDWHFRXUWV7KXVWKHHIIHFWRI
.HQQHWK¶VIDLOXUHWRFRPSO\ZLWKWKHVWDWHFRXUWLQMXQFWLRQ
PXVWEHDQDO\]HGXQGHU0LFKLJDQODZ
:H KDYH SUHYLRXVO\ FRQVLGHUHG WKLV SUHFLVH LVVXH XQGHU
0LFKLJDQODZ6HH&DQGOHUY'RQDOGVRQ)G WK
&LU ,Q&DQGOHUDQLQWHUSOHDGHUDFWLRQZDVEURXJKWWR
GHWHUPLQHZKHWKHUWKHSURFHHGVRIDQRQ(5,6$LQVXUDQFH
SROLF\VKRXOGEHSDLGWRWKHLQVXUHG¶VZLIHRUPRWKHU7KH
LQVXUHG¶VZLIHKDGSUHYLRXVO\EHHQWKHQDPHGEHQHILFLDU\RQ
WKHLQVXUDQFHSROLF\DWLVVXH7KHLQVXUHGILOHGIRUGLYRUFHRQ
LQ 2DNODQG &RXQW\ 0LFKLJDQ DQG WKUHH PRQWKV ODWHU WKH

-- 5 of 8 --

&HQWUDO6WDWHV3HQVLRQ
)XQGY+RZHOOHWDO
1RV
VWDWHFRXUWLVVXHGDQLQMXQFWLRQDJDLQVWWKHLQVXUHGRUGHULQJ
KLP WR GHVLVW DQG UHIUDLQ IURP ³VHOOLQJ DVVLJQLQJ
HQFXPEHULQJK\SRWKHFDWLQJPRUWJDJLQJFRQFHDOLQJJLYLQJ
DZD\RULQDQ\PDQQHUGLVSRVLQJRIDQ\RIWKHSURSHUWLHVDQG
DVVHWVRIHLWKHURUERWKRIWKHSDUWLHVKHUHWR´,GDW,Q
FRQWHPSW RI WKH LQMXQFWLRQ WKH LQVXUHG FKDQJHG WKH
EHQHILFLDU\ GHVLJQDWLRQ RQ WKH SROLF\ IURP KLV ZLIH WR KLV
PRWKHU%HIRUHWKHFRQFOXVLRQRIGLYRUFHSURFHHGLQJVWKH
LQVXUHGGLHG
7KHGLVWULFWFRXUWKHOGWKDWWKHFKDQJHLQEHQHILFLDU\ZDV
YDOLG DQG DZDUGHG WKH EHQHILWV WR WKH GHFHGHQW¶V PRWKHU
EHFDXVH WKH ZLIH KDG RQO\ D FRQWLQJHQW LQWHUHVW LQ WKH
SURFHHGV 6HH LG DW :H UHYHUVHG DQG UHPDQGHG WKH
FDVHILQGLQJWKDW³>X@QGHUWKH0LFKLJDQVWDWXWHV>@WKHSROLF\
KHUHLQLQYROYHGZDVSDUWRIWKHSURSHUW\RIWKHKXVEDQGWKDW
ZDV WR EH FRQVLGHUHG E\ WKH &RXUW LQ PDNLQJ VXFK ILQDO
RUGHU´,GDW%HFDXVHWKHDSSDUHQWSXUSRVHRIWKHVWDWH
FRXUWRUGHUZDVWRPDLQWDLQWKHVWDWXVTXREHWZHHQWKHSDUWLHV
XQWLODILQDODGMXGLFDWLRQRIWKHSURSHUW\GLYLVLRQFRXOGEH
FRPSOHWHGZHFRQFOXGHG³,IWKHFKDQJHLQEHQHILFLDULHVKDG
QRW EHHQ PDGH WKH ZLIH ZRXOG KDYH EHHQ HQWLWOHG WR WKH
SURFHHGVRIWKHSROLF\XSRQWKHGHDWKRIWKHLQVXUHG(TXLW\
FRQVLGHUVWKDWDVGRQHZKLFKRXJKWWREHGRQH´,G&DQGOHU
LVXQGLVWLQJXLVKDEOHRQLWVIDFWVIURPWKHFDVHDWEDU7KXV
XQOHVV0LFKLJDQODZKDVFKDQJHGVLQFH&DQGOHUZRXOG
LQGLFDWH WKDW .HQQHWK¶V ZLIH QRW FKLOGUHQ VKRXOG KDYH
UHFHLYHGWKHSURFHHGVIURPWKHWZRQRQ(5,6$OLIHLQVXUDQFH
SROLFLHV
$WOHDVWWZR0LFKLJDQFDVHVKDYHEHHQSXEOLVKHGGHDOLQJ
ZLWK WKLV LVVXH VLQFH EXW QHLWKHU RI WKHP UHTXLUHV
UHYHUVDORIWKHGLVWULFWFRXUW¶VGHFLVLRQ,QWKH6XSUHPH
&RXUWRI0LFKLJDQFRQVLGHUHGWKHLVVXH6HH:HEEY:HEE
1:G 0LFK 8QGHU IDFWV VXEVWDQWLDOO\
VLPLODUWRWKRVHSUHVHQWHGLQWKLVDSSHDOWKHWULDOFRXUWIRXQG
WKDW WKH KXVEDQG ZKR KDG FKDQJHG KLV OLIH LQVXUDQFH
EHQHILFLDU\ DQG WKHQ GLHG EHIRUH WKH GLYRUFH KDG EHFRPH
ILQDO KDG YLRODWHG WKH LQMXQFWLRQ WKDW UHVWUDLQHG KLP IURP
1RV &HQWUDO6WDWHV3HQVLRQ
)XQGY+RZHOOHWDO

QDPLQJWKHSDUWLHVWKH0LFKLJDQFRXUWRUGHUGLGQRWSURYLGH
DQ\RIWKHUHTXLUHGLQIRUPDWLRQHJ.HQQHWK¶VDGGUHVVWKH
DPRXQWRUSHUFHQWDJHRIWKHSDUWLFLSDQW¶VEHQHILWVWREHSDLG
E\WKHSODQWKHQXPEHURISD\PHQWVRUGXUDWLRQDOSHULRGRI
WKHRUGHURUWKHQDPHRIWKHSODQ7KLVLQMXQFWLRQQHLWKHU
OLWHUDOO\QRUVXEVWDQWLDOO\FRPSOLHGZLWKWKHUHTXLUHPHQWVVHW
IRUWKLQ6HFWLRQ
7KHUHIRUH WKH GLVWULFW FRXUW FRUUHFWO\ FRQFOXGHG WKDW WKH
GRPHVWLFUHODWLRQVFRXUW¶VRUGHUZDVSUHHPSWHGE\(5,6$
%HFDXVH.HQQHWK¶VEHQHILFLDU\GHVLJQDWLRQFRPSOLHGZLWKWKH
UHTXLUHPHQWVLQWKH&HQWUDO6WDWHV¶SODQGRFXPHQWV&HQWUDO
6WDWHV¶ DGPLQLVWUDWRU ZDV REOLJDWHG WR SD\ WKH LQVXUDQFH
SURFHHGVWRWKHQDPHGEHQHILFLDULHV±.HQQHWK¶VFKLOGUHQ
5HVROYLQJ&HQWUDO6WDWHV¶FODLPGRHVQRWHQGRXULQTXLU\
KRZHYHU -R$QQ +RZHOO DUJXHV WKDW EHFDXVH .HQQHWK
YLRODWHG WKH 0LFKLJDQ GRPHVWLF UHODWLRQV FRXUW RUGHU KLV
ZURQJGRLQJ HQWLWOHV KHU WR WKH HTXLWDEOH UHPHG\ RI D
FRQVWUXFWLYH WUXVW LPSRVHG XSRQ WKH (5,6$ SODQ
SURFHHGV
,WLVFOHDUWKDWWKHODZRIWKLV&LUFXLWUHTXLUHVWKH(5,6$
SODQ DGPLQLVWUDWRU WR SD\ RXW SODQ SURFHHGV LQ DFFRUGDQFH
ZLWK WKH (5,6$ SODQ GRFXPHQWV +RZHYHU WKHUH LV QR
SUHFHGHQWELQGLQJRQWKLV&RXUWRQWKHLVVXHRIZKHWKHURQFH
WKHEHQHILFLDU\LVGHWHUPLQHG(5,6$SUHHPSWVDOOFDXVHVRI
DFWLRQDQGSRVVLEOHUHPHGLHVEDVHGXSRQVWDWHODZWKDWPLJKW
EHWUDFHGWRWKH(5,6$SODQSURFHHGV6HH+HQGRQ1R
:/ WK&LU$SU XQSXEOLVKHG
GHFLVLRQ KROGLQJ WKDW VWDWH ODZ EUHDFK RI FRQWUDFW DQG
FRQYHUVLRQ FODLPV ZHUH SUHHPSWHG VHH DOVR 3UHVVOH\ Y
0HWURSROLWDQ/LIH,QV&R)6XSS ('0LFK
GLVWULFWFRXUWGHFLVLRQKROGLQJWKDW³VWDWHODZFODLP
EDVHG XSRQ DQ DOOHJHG FRQVWUXFWLYH WUXVW LV SUHHPSWHG E\
(5,6$´
7KH866XSUHPH&RXUWKHOGWKDWWKHEHQHILWVLQDQ(5,6$
HPSOR\HH ZHOIDUH EHQHILW SODQ FDQ EH VXEMHFW WR VWDWH

-- 6 of 8 --

&HQWUDO6WDWHV3HQVLRQ
)XQGY+RZHOOHWDO
1RV
,Q ZH UHFRJQL]HG DQ H[FHSWLRQ WR (5,6$¶V
SUHHPSWLRQRIVWDWHGLYRUFHGHFUHHVZKHQZHKHOGWKDW³
86& † E H[FHSWV 4'52V >TXDOLILHG GRPHVWLF
UHODWLRQV RUGHUV@ IURP (5,6$ SUHHPSWLRQ ZLWK UHVSHFW WR
ZHOIDUHSODQVDVZHOODVSHQVLRQSODQV´0HWURSROLWDQ/LIH
,QV&RY0DUVK)G WK&LU VHHDOVR
0HWURSROLWDQ/LIH,QV&RY3X]MDN1R:/
WK&LU$SU IROORZLQJ0DUVK 7KHUHIRUH
EHIRUHFRQFOXGLQJWKDWWKH0LFKLJDQFRXUW¶VUHVWUDLQLQJRUGHU
ZDVSUHHPSWHGZHPXVWFRQVLGHUZKHWKHUWKHRUGHUVDWLVILHV
WKHUHTXLUHPHQWVRID4'52
7KHUHTXLUHPHQWVIRUDVWDWHFRXUWRUGHUWREHWUHDWHGDVD
4'52DUHVHWIRUWKLQ86&† G
% LL WKH WHUP GRPHVWLF UHODWLRQV RUGHU PHDQV DQ\
MXGJPHQW GHFUHH RU RUGHU LQFOXGLQJ DSSURYDO RI D
SURSHUW\VHWWOHPHQWDJUHHPHQW ZKLFK² , UHODWHVWRWKH
SURYLVLRQRIFKLOGVXSSRUWDOLPRQ\SD\PHQWVRUPDULWDO
SURSHUW\ULJKWVWRDVSRXVHIRUPHUVSRXVHFKLOGRURWKHU
GHSHQGHQWRIDSDUWLFLSDQWDQG ,, LVPDGHSXUVXDQWWRD
6WDWH GRPHVWLF UHODWLRQV ODZ LQFOXGLQJ D FRPPXQLW\
SURSHUW\ODZ
& $GRPHVWLFUHODWLRQVRUGHUPHHWVWKHUHTXLUHPHQWVRI
WKLVVXESDUDJUDSKRQO\LIVXFKRUGHUFOHDUO\VSHFLILHV² L
WKHQDPHDQGWKHODVWNQRZQPDLOLQJDGGUHVV LIDQ\ RI
WKHSDUWLFLSDQWDQGWKHQDPHDQGPDLOLQJDGGUHVVRIHDFK
DOWHUQDWHSD\HHFRYHUHGE\WKHRUGHU LL WKHDPRXQWRU
SHUFHQWDJHRIWKHSDUWLFLSDQW VEHQHILWVWREHSDLGE\WKH
SODQWRHDFKVXFKDOWHUQDWHSD\HHRUWKHPDQQHULQZKLFK
VXFKDPRXQWRUSHUFHQWDJHLVWREHGHWHUPLQHG LLL WKH
QXPEHU RI SD\PHQWV RU SHULRG WR ZKLFK VXFK RUGHU
DSSOLHVDQG LY HDFKSODQWRZKLFKVXFKRUGHUDSSOLHV
86&† G
$V WKH GLVWULFW FRXUW SURSHUO\ FRQFOXGHG WKH LQMXQFWLRQ
HQWHUHGE\WKHGRPHVWLFUHODWLRQVFRXUWGLGQRWFRPSO\ZLWK
WKH UHTXLUHPHQWV RI 6HFWLRQ G & 2WKHU WKDQ
1RV &HQWUDO6WDWHV3HQVLRQ
)XQGY+RZHOOHWDO

GLVSRVLQJRISURSHUW\7KHWULDOFRXUWRUGHUHGDUHWXUQWRWKH
VWDWXVTXRDQGWKH6XSUHPH&RXUWRI0LFKLJDQDIILUPHG6HH
LGDW
,QD0LFKLJDQDSSHOODWHFRXUWFRQVLGHUHGWKHLVVXH
DJDLQ6HH,UYLQY,UYLQ1:G 0LFK&W$SS
$JDLQXQGHUIDFWVVXEVWDQWLDOO\VLPLODUWRWKRVHEHIRUH
XVLQWKLVDSSHDOWKHKXVEDQGFKDQJHGWKHEHQHILFLDU\RQKLV
OLIHLQVXUDQFHSROLF\LQYLRODWLRQRIDUHVWUDLQLQJRUGHUDQG
GLHG EHIRUH WKH GLYRUFH KDG EHFRPH ILQDO ,Q WKLV FDVH
KRZHYHU WKH WULDO FRXUW GHFOLQHG WR LPSRVH D FRQVWUXFWLYH
WUXVW LQ IDYRU RI WKH HVWUDQJHG ZLIH 6HH LG DW 7KH
UHYLHZLQJFRXUWFRQILUPHGWKDWXQGHU:HEEWKHWULDOFRXUW
KDG WKH SRZHU WR RUGHU D UHWXUQ WR WKH VWDWXV TXR 6HH LG
+RZHYHU WKH UHYLHZLQJ FRXUW IRXQG QR HUURU LQ WKH WULDO
FRXUW¶VHOHFWLRQQRWWRRUGHUDFRQVWUXFWLYHWUXVWVWDWLQJ³,Q
DOOOLNHOLKRRGVKH>WKHHVWUDQJHGZLIH@ZDVSXWLQD EHWWHU
SRVLWLRQ WKDQ VKH ZRXOG KDYH HQMR\HG KDG >WKH KXVEDQG@
REH\HG WKH LQMXQFWLYH RUGHU DQG KDG WKH GLYRUFH DFWLRQ
SURFHHGHGWRMXGJPHQW´,GDW
7KHFKLOGUHQLQWKLVDSSHDODUJXHVWUHQXRXVO\WKDWEHFDXVH
-R$QQDJUHHVWKDWVKHUHFHLYHGRIWKHPDULWDOSURSHUW\DV
DUHVXOWRI.HQQHWK¶VGHDWKWKHGLVWULFWFRXUWZDVIRUHFORVHG
E\,UYLQIURPLPSRVLQJDFRQVWUXFWLYHWUXVWLQ-R$QQ¶VIDYRU
7KLVDUJXPHQWLVZLWKRXWPHULW7KHUHLVQRWKLQJLQ,UYLQWKDW
PDQGDWHVWKHWULDOFRXUWWRUXOHHLWKHUZD\ZKHQIDFHGZLWKD
VLWXDWLRQVXFKDVWKLV,PSRVLWLRQRIDFRQVWUXFWLYHWUXVWLVDQ
HTXLWDEOH UHPHG\ ,Q GHWHUPLQLQJ ZKHWKHU WR LPSRVH D
FRQVWUXFWLYHWUXVWWKHWULDOFRXUWPXVWQHFHVVDULO\ZHLJKWKH
HTXLWLHVWRSUHYHQWLQMXVWLFHLQDSDUWLFXODUFDVH6HH,UYLQ
1:G DW ³$ FRQVWUXFWLYH WUXVW LV D UHPHGLDO
HTXLWDEOHGHYLFHHPSOR\HGWRSUHYHQWLQMXVWLFHLQDSDUWLFXODU
FDVH$FRXUWRIHTXLW\ZLOOLPSRVHDFRQVWUXFWLYHWUXVWRQO\
LI FRQVFLHQFH GHPDQGV LW´ FLWDWLRQV RPLWWHG 7KXV WKH
FKLOGUHQ¶V UHOLDQFH XSRQ RQH IDFWRU ± WKDW -R$QQ UHFHLYHG
RIWKHPDULWDOHVWDWH±LVQRWGLVSRVLWLYHRIWKHPDWWHU
+HUHWKHGLVWULFWFRXUWFRQVLGHUHGWKHHQWLUHHTXLWLHVRIWKH
FDVHDQGFRQFOXGHGLWZDVDSSURSULDWHWRDZDUG-R$QQWKH

-- 7 of 8 --

&HQWUDO6WDWHV3HQVLRQ
)XQGY+RZHOOHWDO
1RV
:H GR QRW DJUHH ZLWK WKH GLVWULFW FRXUW¶V YLHZ WKDW VLQFH ,UYLQ KDV
QRW EHHQ IROORZHG E\ 0LFKLJDQ¶V FRXUWV LW QHHG QRW FRQVLGHU ,UYLQ LQ LWV
DQDO\VLV RI WKLV FDVH ,Q WKH DEVHQFH RI DQ\ LQGLFDWLRQ WKDW WKH 0LFKLJDQ
6XSUHPH &RXUW ZRXOG DGRSW D UXOH FRQWUDU\ WR WKDW HQXQFLDWHG LQ ,UYLQ D
IHGHUDO FRXUW LV QRW IUHH WR LJQRUH WKH SURQRXQFHPHQW RI D VWDWH DSSHOODWH
FRXUW RQ PDWWHUV RI VWDWH ODZ 6HH .XUF]L Y (OL /LOO\ &R )G
WK &LU
SURFHHGV RI WKH WZR QRQ(5,6$ SROLFLHV ,Q OLJKW RI WKH
0LFKLJDQVWDWHSUHFHGHQWVZHILQGQRHUURULQWKLVFRQFOXVLRQ
,, 7KH(5,6$3ROLF\
&HQWUDO6WDWHVLQLWLDWHGWKLVDFWLRQWRGHWHUPLQHWKHULJKWIXO
EHQHILFLDU\RIWKHSURFHHGVRIWKH(5,6$OLIHLQVXUDQFHSROLF\
LWDGPLQLVWHUHGIRUWKHLQVXUHG¶VHPSOR\HU7RDQVZHUWKLV
TXHVWLRQZHPXVWFRQVLGHUWKHSUHHPSWLYHUHDFKRI(5,6$
7KH(PSOR\HH5HWLUHPHQW,QFRPH6HFXULW\$FWRILV
WKH SULQFLSDO IHGHUDO VWDWXWH WKDW JRYHUQV HPSOR\HH EHQHILW
SODQV (5,6$ SODQV IDOO JHQHUDOO\ LQWR WZR FDWHJRULHV
³HPSOR\HH SHQVLRQ EHQHILW SODQV´ DQG ³HPSOR\HH ZHOIDUH
EHQHILW SODQV´ 6HH 86& † 7KH &HQWUDO 6WDWHV
LQVXUDQFHSROLF\LVDQHPSOR\HHEHQHILWZHOIDUHSODQWKDWLV
JRYHUQHGE\(5,6$
7KHODZRI(5,6$H[SUHVVO\SUHHPSWVDOOVWDWHODZVZKLFK
³UHODWHWR´DQ(5,6$SODQ6HH86&† D 7KLV
SUHHPSWLRQ DSSOLHV WR DOO VWDWH ODZ ZKHWKHU OHJLVODWLYH RU
MXGJHPDGH :H PXVW WKHUHIRUH GHWHUPLQH ZKHWKHU WKH
0LFKLJDQVWDWHFRXUWRUGHUUHVWUDLQLQJ.HQQHWKIURPFKDQJLQJ
KLVEHQHILFLDU\GHVLJQDWLRQLVSUHHPSWHGE\(5,6$
:H KDYH H[SOLFLWO\ DQG UHSHDWHGO\ KHOG WKDW VWDWH FRXUW
GLYRUFHGHFUHHVSXUSRUWLQJWRDIIHFWWKHEHQHILWVSD\DEOHIURP
DQ(5,6$SODQDUHSUHHPSWHG6HH0F0LOODQY3DUURWW
)G WK&LU 0HWURSROLWDQ/LIH,QV&RY
3UHVVOH\ )G WK &LU GHFHGHQW $OYLQ
3UHVVOH\ &]DUVNLY%RQN1R:/
1RV &HQWUDO6WDWHV3HQVLRQ
)XQGY+RZHOOHWDO

WK&LU$XJ 0HWURSROLWDQ/LIH,QV&RY6WHIIH\
1R :/ WK &LU 1RY
+HQGRQY(,'X3RQWGH1HPRXUVDQG&R1R
:/ WK&LU$SU ,QHDFKRIWKH
FLWHGFDVHVKRZHYHUWKHVXUYLYLQJVSRXVHKDGZDLYHGWKH
ULJKWWRUHFHLYHEHQHILWVIURPWKHSROLFLHVDVSDUWRIDGLYRUFH
VHWWOHPHQWEXWWKHGHFHDVHGVSRXVHKDGIDLOHGWRFKDQJHWKH
EHQHILFLDU\FDUG,QHDFKFDVHZHKHOGWKDWWKH(5,6$SODQ
DGPLQLVWUDWRUPXVWSD\WKHH[VSRXVHWKHLQVXUDQFHSURFHHGV
GHVSLWH WKH ZDLYHU LQ WKH GLYRUFH VHWWOHPHQW 8QGHU WKHVH
FLUFXPVWDQFHVWKHODZRIWKLV&LUFXLWLVFOHDU±WKHEHQHILFLDU\
FDUG FRQWUROV ZKRP WKH SODQ DGPLQLVWUDWRU PXVW SD\ 6HH
0F0LOODQ )G DW ³7KLV FOHDU VWDWXWRU\
FRPPDQG WRJHWKHU ZLWK WKH SODQ SURYLVLRQV DQVZHU WKH
TXHVWLRQ WKH GRFXPHQWV FRQWURO DQG WKRVH QDPH >WKH H[
VSRXVH@´
7KH IDFWV LQ WKLV FDVH DUH VRPHZKDW GLIIHUHQW +HUH
.HQQHWK¶VDELOLW\WRFKDQJHWKHEHQHILFLDU\ZDVGLFWDWHGQRW
E\ D ILQDO GLYRUFH GHFUHH EXW UDWKHU E\ D SUHOLPLQDU\
LQMXQFWLRQHQWHUHGWRPDLQWDLQWKHILQDQFLDOVWDWXVTXRXQWLO
WKHGLYRUFHSURFHHGLQJVFRXOGEHILQDOL]HG0RUHRYHUWKH
LQMXQFWLRQLQWKLVFDVHVRXJKWWRLQVXUHWKDW-R$QQZRXOGQRW
EHUHPRYHGDVEHQHILFLDU\RIWKHSROLF\DVRSSRVHGWRWKH
FDVHVDERYHLQZKLFKWKHGLYRUFHGHFUHHDWWHPSWHGWRLQVXUH
WKDWWKHH[VSRXVHZRXOGEHUHPRYHGDVEHQHILFLDU\RIWKH
SROLF\ ,Q RXU YLHZ WKHVH DUH GLVWLQFWLRQV ZLWKRXW D
GLIIHUHQFH7KHSRZHURIWKHGRPHVWLFUHODWLRQVFRXUW¶VRUGHU
LVQRWDIIHFWHGE\ZKHWKHUWKHFRXUWKDVDIILUPDWLYHO\RUGHUHG
WKHLQVXUHGWRFKDQJHKLVEHQHILFLDU\RUSUHFOXGHGWKHLQVXUHG
IURPPDNLQJVXFKDFKDQJH6LPLODUO\ZKHWKHUWKHRUGHULV
LQWKHIRUPRIDILQDOGHFUHHRUDSUHOLPLQDU\LQMXQFWLRQLWLV
VWLOODGRPHVWLFUHODWLRQVRUGHULVVXHGXQGHUWKHDXWKRULW\RI
WKHVWDWHFRXUW6HH86&† G % LL GHILQLQJ
³GRPHVWLFUHODWLRQVRUGHU´WRLQFOXGHDQ\MXGJPHQWGHFUHHRU
RUGHUUHODWLQJWRLQWHUDOLDWKHGLYLVLRQRIPDULWDOSURSHUW\
7KHTXHVWLRQWKHQEHFRPHVZKHWKHUWKHUHLVVRPHEDVLVXSRQ
ZKLFKWRH[HPSWWKHRUGHUIURP(5,6$¶VSUHHPSWLYHUHDFK

-- 8 of 8 --

Poursuivez vos recherches dans ChatGPT ou Claude

Connectez Omnilex pour rechercher dans le corpus juridique depuis votre assistant IA.