03a0080p.06

01-3932Court of Appeals for the Sixth Circuit17 mar 2003

Testo completo

/DZOHUY)LUHPDQ¶V)XQG,QV&RHWDO 1R
ERGLO\ LQMXUHG LQVXUHG IURP FROOHFWLQJ 808,0 EHQHILWV XQGHU WKH
LQVXUHG V RZQ SROLF\ ,Q WKH FDVH DW EDU XQOLNH 0RRUH DSSHOODQW LV
DWWHPSWLQJ WR GHQ\ FRYHUDJH WR DSSHOOHH EHFDXVH KH DOUHDG\ UHFHLYHG WKH
OLPLWV RI OLDELOLW\ IURP WKH WRUWIHDVRU¶V LQVXUHU DQG EHFDXVH KH LV QRW
HQWLWOHG WR UHFHLYH DGGLWLRQDO FRPSHQVDWLRQ IRU KLV QRQERGLO\ LQMXULHV´
$V WKH LVVXH LQ WKLV FDVH LV DQ RXWULJKW GHQLDO RI FRYHUDJH WR D VSRXVH IRU
KHU ORVVHV WKHVH WKUHH FRXUWV ZRXOG FOHDUO\ ILQG 0RRUH DSSOLFDEOH KHUH
7KH PDMRULW\ WKHQ DWWHPSWV WR GLVWLQJXLVK 0RRUH RQ WKH
EDVLVWKDWWKHSROLF\LQ0RRUHZDVD808,0SROLF\DQGWKDW
WKHSODLQWLIILQ0RRUHZDVDQDPHGLQVXUHG7KHPDMRULW\
VXJJHVWVWKDWWKLVFDVHLVGLIIHUHQWIURP0RRUHEHFDXVHWKLV
FDVH LQYROYHV D SROLF\ ZKHUH WKH 808,0 FRYHUDJH ZDV
FUHDWHGE\RSHUDWLRQRIODZDQGEHFDXVHWKHSODLQWLIIKHUHZDV
QRWDQDPHGLQVXUHGEXWZDVRQO\DQLQVXUHGEHFDXVHRIDQ
DPELJXLW\LQWKHGHILQLWLRQRIWKHQDPHGLQVXUHG,WLVXQFOHDU
ZK\WKHPDMRULW\GUDZVWKHVHGLVWLQFWLRQV1HLWKHU0RRUH
LWVHOIQRUDQ\RWKHU2KLRFDVHRUVWDWXWHKDVOLPLWHG0RRUH¶V
DSSOLFDWLRQ WR FDVHV LQYROYLQJ QDPHG LQVXUHGV RU H[SUHVV
808,0FRYHUDJH,ILQGWKHPDMRULW\¶VGHFLVLRQWRUHVWULFW
0RRUHLQWKLVPDQQHUWREHFRPSOHWHO\LQFRQVLVWHQWZLWKRXU
FKDUJH WR IROORZ VWDWH ODZ DV LW LV JLYHQ WR XV E\ WKH VWDWH
FRXUWV,WKHUHIRUHUHVSHFWIXOO\GLVVHQW

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
(5,1 ( /$:/(5
,QGLYLGXDOO\DQGDVWKH
$GPLQLVWUDWUL[RIWKH(VWDWHRI
-HUHP\/DZOHU
3ODLQWLII
&URVV&ODLPDQW$SSHOODQW
Y
),5(0$1¶6 )81' ,1685$1&(
&203$1<HWDO
'HIHQGDQWV
7KLUG3DUW\3ODLQWLIIV
67$7( )$50 ,1685$1&(
&203$1<
7KLUG3DUW\
&URVV&ODLP
'HIHQGDQW$SSHOOHH
;!

1
1R
$SSHDOIURPWKH8QLWHG6WDWHV'LVWULFW&RXUW
IRUWKH1RUWKHUQ'LVWULFWRI2KLRDW$NURQ
1R²-DPHV*ZLQ'LVWULFW-XGJH
$UJXHG-DQXDU\

-- 1 of 10 --

/DZOHUY)LUHPDQ¶V)XQG,QV&RHWDO 1R
7KH +RQRUDEOH 6DQGUD 6 %HFNZLWK 8QLWHG 6WDWHV 'LVWULFW -XGJH IRU
WKH 6RXWKHUQ 'LVWULFW RI 2KLR VLWWLQJ E\ GHVLJQDWLRQ
'HFLGHGDQG)LOHG0DUFK
%HIRUH*8<DQG0225(&LUFXLW-XGJHV%(&.:,7+
'LVWULFW-XGJH
BBBBBBBBBBBBBBBBB
&2816(/
$5*8(' .HQQHWK 0 =HUUXVHQ $521621
$662&,$7(6 $NURQ 2KLR IRU $SSHOODQW 7KRPDV -
:LOVRQ &20672&. 635,1*(5 :,/621
<RXQJVWRZQ2KLRIRU$SSHOOHH21%5,()6WDQOH\3
$URQVRQ $521621 $662&,$7(6 $NURQ 2KLR
.HQQHWK / *LEVRQ :(,&. *,%621 /2:5<
&X\DKRJD )DOOV 2KLR IRU $SSHOODQW 7KRPDV - :LOVRQ
&20672&.635,1*(5 :,/621<RXQJVWRZQ2KLR
*RUGRQ 'DOH $UQROG )5(81' )5((=( $512/'
'D\WRQ2KLRIRU$SSHOOHH
*8< - GHOLYHUHG WKH RSLQLRQ RI WKH FRXUW LQ ZKLFK
%(&.:,7+ ' - MRLQHG 0225( - SS
GHOLYHUHGDVHSDUDWHGLVVHQWLQJRSLQLRQ
BBBBBBBBBBBBBBBBB
23,1,21
BBBBBBBBBBBBBBBBB
5$/3+ % *8< -5 &LUFXLW -XGJH 3ODLQWLII (ULQ (
/DZOHULQGLYLGXDOO\DQGDVDGPLQLVWUDWUL[RIWKHHVWDWHRIKHU
KXVEDQG -HUHP\ /DZOHU DSSHDOV IURP WKH GLVWULFW FRXUW¶V
RUGHUGHQ\LQJKHUPRWLRQIRUSDUWLDOVXPPDU\MXGJPHQWDQG
JUDQWLQJ VXPPDU\ MXGJPHQW WR WKH FURVVFODLPWKLUGSDUW\
GHIHQGDQW6WDWH)DUP)LUH &DVXDOW\&RPSDQ\3ODLQWLII¶V
KXVEDQGZDVGULYLQJKRPHIURPZRUNZKHQKHZDVIDWDOO\
LQMXUHGLQDQDXWRPRELOHDFFLGHQWFDXVHGE\DQHJOLJHQWWKLUG
1R /DZOHUY)LUHPDQ¶V)XQG,QV&RHWDO
,Q IDFW WKH FLWHG FDVHV QRW RQO\ GR QRW KHOS WKH PDMRULW\¶V SRVLWLRQ
WKH\ XQGHUPLQH LW 7KH\ DOO H[SOLFLWO\ DFNQRZOHGJH WKDW ZKLOH 0RRUH GRHV
QRW LQYDOLGDWH SHUSHUVRQ OLPLWV LQ LQVXUDQFH SROLFLHV ZKLFK LV WKH LVVXH
LQ WKH FLWHG FDVHV LW GRHV LQYDOLGDWH DQ LQVXUHU¶V DWWHPSW WR GHQ\ FRYHUDJH
RXWULJKW WR IDPLO\ PHPEHUV 6HH 3RVW Y +DUEHU 1R &$ :/
DW 2KLR &W $SS )HE ³,Q FDVH DW EDU XQOLNH
0RRUH DSSHOODQWV KDYH QRW DUJXHG WKDW WKH LQVXUHUV DUH DWWHPSWLQJ WR
RXWULJKW GHQ\ FRYHUDJH WR WKH SDUHQWV IRU WKHLU ORVV RI FRQVRUWLXP FODLPV
5DWKHU WKH LQVXUHUV DUH DWWHPSWLQJ WR OLPLW WKH OLDELOLW\ WR WKH SHU SHUVRQ
OLPLWV VSHFLILHG LQ WKH SROLFLHV DQG DV SHUPLWWHG E\ 5& + DQG
´ 'DYLGVRQ Y 8KULJ 1R &$ :/ DW
2KLR &W $SS -XQH ³,Q WKH FDVH DW EDU XQOLNH 0RRUH
DSSHOODQWV KDYH QRW DUJXHG WKDW DSSHOOHH LV DWWHPSWLQJ WR RXWULJKW GHQ\
FRYHUDJH WR WKH FKLOGUHQ IRU WKHLU ORVV RI FRQVRUWLXP FODLPV 5DWKHU
DSSHOOHH LV DWWHPSWLQJ WR OLPLW WKH OLDELOLW\ WR WKH SHU SHUVRQ OLPLWV
VSHFLILHG LQ WKH SROLFLHV DQG DV 5& + DQG SHUPLW´
%HQWOH\ Y 3URJUHVVLYH ,QV &R 1R &$ :/ DW
2KLR &W $SS 1RY ³$ UHYLHZ RI 0RRUH UHYHDOV WKDW LW DSSOLHV
LQ VLWXDWLRQV RQO\ ZKHQ WKH LQVXUHU DWWHPSWV WR SURKLELW FRPSOHWHO\ D QRQ
WKH UHOHYDQW VWDWXWH ³GRHV QRW SHUPLW DQ LQVXUHU WR OLPLW
XQLQVXUHGPRWRULVWFRYHUDJHLQVXFKDZD\WKDWDQLQVXUHG
PXVW VXIIHU ERGLO\ LQMXU\ VLFNQHVV RU GLVHDVH LQ RUGHU WR
UHFRYHUGDPDJHVIURPWKHLQVXUHU´0RRUH1(GDW

7KHIDFWVRI WKLV FDVHDUHLGHQWLFDOWRWKRVHLQ0RRUHLQ
HYHU\ UHOHYDQW UHVSHFW 7KH PDMRULW\ RSLQLRQ DWWHPSWV WR
GLVWLQJXLVK0RRUHE\VD\LQJWKDWLWRQO\DSSOLHV³μZKHQWKH
LQVXUHUDWWHPSWVWRSURKLELWDQRQERGLO\LQMXUHGLQVXUHGIURP
FROOHFWLQJ>XQLQVXUHGXQGHULQVXUHGPRWRULVW@EHQHILWVXQGHU
WKHLQVXUHG¶VRZQSROLF\¶´0DMRSDW FLWDWLRQRPLWWHG
7KLVGLVWLQFWLRQLVZHOOVXSSRUWHGLQ2KLRODZEXWLWGRHVQRW
GLVWLQJXLVK 0RRUH ² LQ IDFW LW PDNHV WKLV FDVH
LQGLVWLQJXLVKDEOHIURP0RRUHIRUWKLVFDVHDOVRLQYROYHVD
QRQERGLO\ LQMXUHG LQVXUHG ZKR LV DWWHPSWLQJ WR FROOHFW
XQLQVXUHGXQGHULQVXUHG PRWRULVW¶V EHQHILWV XQGHU KHU RZQ
SROLF\7KHFDVHVWKDWWKHPDMRULW\FLWHVGRQRWKHOSLWVFDVH
7KH\DUHDOOGHFLVLRQVKROGLQJWKDWHYHQDIWHU0RRUHLQVXUHUV
FDQ VWLOO OLPLW UHFRYHU\ WR D SHUSHUVRQ OLPLW VWDWHG LQ WKH
SROLF\7KHVHFDVHVDUHLQDSSOLFDEOHWRWKHLVVXHKHUHZKLFK
LVZKHWKHU(ULQ/DZOHUFDQUHFRYHUDWDOO

-- 2 of 10 --

/DZOHUY)LUHPDQ¶V)XQG,QV&RHWDO 1R
BBBBBBBBBBBBBBB
',66(17
BBBBBBBBBBBBBBB
.$5(1 1(/621 0225( &LUFXLW -XGJH GLVVHQWLQJ
$IWHUGHWHUPLQLQJWKDW(ULQ/DZOHULVDQLQVXUHGXQGHUKHU
HPSOR\HU¶V LQVXUDQFH SROLF\ DQG HQWLWOHG WR 808,0
LQVXUDQFH FRYHUDJH WKH PDMRULW\ JRHV RQ WR KROG WKDW VKH
FDQQRWUHFRYHUIRUWKHORVVHVWKDWVKHVXIIHUHG$V,EHOLHYH
WKLVDVSHFWRIWKHRSLQLRQWREHLQFRQVLVWHQWZLWKHVWDEOLVKHG
2KLRODZRQWKHVXEMHFW,UHVSHFWIXOO\GLVVHQW
$IWHU FDUHIXO H[DPLQDWLRQ WKLV FRXUW SURSHUO\ FRQFOXGHV
WKDWWKHSROLF\DWLVVXHLVDPRWRUYHKLFOHOLDELOLW\SROLF\WKDW
808,0 FRYHUDJH DURVH E\ RSHUDWLRQ RI ODZ IRU WKRVH
LQVXUHGE\WKHSROLF\WKDW(ULQ/DZOHUZDVVXFKDQLQVXUHG
DQGWKDWVKHZDVWKHUHIRUHHQWLWOHGWR808,0FRYHUDJH7KH
RSLQLRQWKHQDEUXSWO\FRQFOXGHVE\VWDWLQJWKDWVLQFH-HUHP\
/DZOHU ZDV QRW DQ LQVXUHG XQGHU WKH SROLF\ (ULQ /DZOHU
FDQQRW UHFRYHU LQ KHU RZQ ULJKW IRU WKH ORVVHV VKH KDV
VXIIHUHG
6XFKDFRQFOXVLRQGLUHFWO\FRQWUDGLFWVODZWKDWLVFOHDUO\
ODLGRXWIRUXVE\WKH2KLR6XSUHPH&RXUWLQ0RRUHY6WDWH
$XWRPRELOH0XWXDO,QVXUDQFH&R1(G
2KLR $VWKHPDMRULW\H[SODLQVWKH2KLR6XSUHPH
&RXUWLQ0RRUHFRQVLGHUHGWKHFODLPRIDSDUHQWZKRVRXJKW
WRUHFRYHUGDPDJHVXQGHUKHURZQLQVXUDQFHSROLF\IRUKHU
VRQ¶VGHDWKLQDQDXWRPRELOHDFFLGHQWFDXVHGE\DQXQLQVXUHG
PRWRULVW$VSDUHQWV OLNHVSRXVHV DUHSUHVXPHGWRUHFRYHU
GDPDJHVDVDUHVXOWRIDFKLOG¶V RUVSRXVH¶V ZURQJIXOGHDWK
XQGHU2KLRODZVHH2+,2 5(9 &2'( $11† $
$OLFH0RRUHZDVDOORZHGWRUHFRYHUXQGHUKHURZQSROLF\IRU
WKHGDPDJHVVKHVXIIHUHGLQKHUVRQ¶VGHDWKHYHQWKRXJKKHU
VRQZDVQRWDQLQVXUHGXQGHUWKHSROLF\7KH2KLR6XSUHPH
&RXUWKHOGWKDWVXFKDFODLPZDVQRWRQO\YDOLGEXWWKDWLW
ZDVYDOLGHYHQLQVSLWHRIFRQWUDFWXDOODQJXDJHWKDWZDVPHDQW
WR SUHYHQW LQVXUHGV ZKR ZHUH QRW WKHPVHOYHV SK\VLFDOO\
LQMXUHGIURPUHFRYHULQJ7KH2KLR6XSUHPH&RXUWKHOGWKDW
1R /DZOHUY)LUHPDQ¶V)XQG,QV&RHWDO
SDUW\:KLOHDQXPEHURILQVXUDQFHSROLFLHVZHUHFDOOHGLQWR
SOD\WKLVDSSHDOLQYROYHVSODLQWLII¶VFODLPWR XQGHULQVXUHG
PRWRULVW 8,0 EHQHILWVXQGHUDJHQHUDOOLDELOLW\LQVXUDQFH
SROLF\ LVVXHG WR SODLQWLII¶V HPSOR\HU *XLVHSSHV 3L]]D E\
6WDWH)DUP
:KLOH WKDW SROLF\ GLG QRW H[SUHVVO\ SURYLGH IRU 8,0
FRYHUDJH SODLQWLII FRQWHQGV WKDW VXFK FRYHUDJH DURVH E\
RSHUDWLRQRIODZXQGHUIRUPHU2KLR5HYLVHG&RGH†
DVWKDWSURYLVLRQKDVEHHQLQWHUSUHWHGE\WKH2KLR6XSUHPH
&RXUWLQ6FRWW3RQW]HUY/LEHUW\0XWXDO)LUH,QVXUDQFH&R
1(G 2KLR (]DZD Y <DVXGD )LUH
0DULQH,QVXUDQFH&R1(G 2KLR DQG
6HODQGHUY(ULH,QVXUDQFH*URXS1(G 2KLR
3ODLQWLIIFRQWHQGVWKHGLVWULFWFRXUWHUURQHRXVO\IRXQG
WKDW SODLQWLIIZDVQRWDQLQVXUHGXQGHUWKHSROLF\ WKH
SROLF\ZDVQRWDQ³DXWRPRELOHOLDELOLW\SROLF\´IRUSXUSRVHV
RI†DQG WKH³RWKHULQVXUDQFH´SURYLVLRQVLQWKH
SROLF\DSSOLHGWR8,0FRYHUDJHDULVLQJE\RSHUDWLRQRIODZ
$IWHUUHYLHZRIWKHUHFRUGDQGWKHDSSOLFDEOHODZZHDIILUP
WKHHQWU\RIVXPPDU\MXGJPHQWLQIDYRURI6WDWH)DUP
,
2Q$SULOSODLQWLII¶VKXVEDQGZDVIDWDOO\LQMXUHG
LQDQDXWRPRELOHDFFLGHQWDVKHZDVGULYLQJKLVRZQFDUKRPH
IURPKLVMREDW0RGHUQ7RRO '\H3URGXFWV,QF 07'
7KHDFFLGHQWZDVFDXVHGE\WKHQHJOLJHQFHRI0DUN%XVVHU
ZKRDOVRGLHGIURPLQMXULHVUHFHLYHGLQWKHDFFLGHQW%XVVHU
KDG DQ DXWRPRELOH OLDELOLW\ SROLF\ ZLWK 6WDWH )DUP ZKLFK
SDLG WR SODLQWLII -HUHP\ /DZOHU KDG KLV RZQ
DXWRPRELOHLQVXUDQFHSROLF\ZLWK6WDWH)DUPZKLFKLQFOXGHG
XSWRLQ8,0FRYHUDJH6WDWH)DUPSDLGSODLQWLIIDQ
DGGLWLRQDO XQGHUWKLVSROLF\H[KDXVWLQJLWVOLPLWV
7KHUHLVQRGLVSXWHWKDWWKHVHVXPVGLGQRWIXOO\FRPSHQVDWH
WKHHVWDWHIRULWVORVV
3ODLQWLIIFRPPHQFHGWKLVDFWLRQWRUHFRYHU8,0EHQHILWV
XQGHU WZR LQVXUDQFH SROLFLHV SXUFKDVHG E\ 07' KHU
KXVEDQG¶V HPSOR\HU VSHFLILFDOO\ D PLOOLRQ EXVLQHVV
DXWRPRELOH SROLF\ LVVXHG E\ )LUHPDQ¶V )XQG ,QVXUDQFH

-- 3 of 10 --

/DZOHUY)LUHPDQ¶V)XQG,QV&RHWDO 1R
&RPSDQ\DQGDPLOOLRQXPEUHOODOLDELOLW\SROLF\LVVXHG
E\ 6W 3DXO )LUH DQG 0DULQH ,QVXUDQFH &RPSDQ\ ,Q WXUQ
)LUHPDQ¶V )XQG EURXJKW D WKLUGSDUW\ FODLP DJDLQVW 6WDWH
)DUPVHHNLQJFRQWULEXWLRQXQGHUWKHEXVLQHVVOLDELOLW\SROLF\
LVVXHG WR *XLVHSSHV 3L]]D (ULQ /DZOHU¶V HPSOR\HU :LWK
OHDYHIURPWKHFRXUWSODLQWLIIILOHGDFURVVFODLPDJDLQVW6WDWH
)DUPXQGHUWKHVDPHSROLF\
$IWHU PHGLDWLRQ DQG ZKLOH D QXPEHU RI PRWLRQV IRU
VXPPDU\MXGJPHQWZHUHSHQGLQJSODLQWLIIVHWWOHGZLWKWKH
LQVXUHUV RI KHU KXVEDQG¶V HPSOR\HU )LUHPDQ¶V )XQG SDLG
DQGDVVLJQHGLWVWKLUGSDUW\FODLPWRSODLQWLII6W
3DXO VHWWOHG ZLWK SODLQWLII IRU +DYLQJ UHFRYHUHG
LQLQVXUDQFHSURFHHGVWKHRQO\FODLPUHPDLQLQJ
ZDVIRU8,0FRYHUDJHXQGHUWKH6WDWH)DUPSROLF\LVVXHGWR
*XLVHSSHV3L]]D2QFURVVPRWLRQVE\WKHSDUWLHVWKHGLVWULFW
FRXUWGHQLHGSODLQWLII¶VPRWLRQIRUSDUWLDOVXPPDU\MXGJPHQW
LQKHUIDYRUDQGJUDQWHGVXPPDU\MXGJPHQWWR6WDWH)DUP
/DZOHUY)LUHPDQ¶V)XQG,QV&R)6XSSG 1'
2KLR 7KLVDSSHDOIROORZHG
,,
7KHGLVWULFWFRXUW¶VJUDQWRIVXPPDU\MXGJPHQWLVUHYLHZHG
GHQRYR6PLWKY$PHULWHFK)G WK&LU
6XPPDU\MXGJPHQWLVDSSURSULDWHZKHQWKHUHDUHQR
LVVXHV RI PDWHULDO IDFW LQ GLVSXWH DQG WKH PRYLQJ SDUW\ LV
HQWLWOHGWRMXGJPHQWDVDPDWWHURIODZ)(' 5 &,9 3 F
7KHIDFWVLQWKLVFDVHDUHXQGLVSXWHGDQGWKHGLVWULFWFRXUW¶V
GHWHUPLQDWLRQRIVWDWHODZSUHVHQWVDSXUHO\OHJDOTXHVWLRQ
ZKLFKZHUHYLHZGHQRYR6DOYH5HJLQD&ROOHJHY5XVVHOO
86 VWDWHODZGHWHUPLQDWLRQVUHYLHZHG
GHQRYR 8QLWHG1DW¶O,QV&RY667)LWQHVV&RUS)G
WK &LU FRQVWUXFWLRQ RI DQ LQVXUDQFH
FRQWUDFWXQGHU2KLRODZLVPDWWHUIRUWKHFRXUW
3ODLQWLII FODLPV DW WKH RXWVHW WKDW WKH GLVWULFW FRXUW
GLVUHJDUGHGDQGUHIXVHGWRDSSO\2KLRODZTXRWLQJIURPWKH
GLVWULFW FRXUW¶V FULWLFLVPV RI WKH 2KLR 6XSUHPH &RXUW¶V
GHFLVLRQVLQWHUSUHWLQJ2KLR5HYLVHG&RGH†6WDWH
)DUP RQ WKH RWKHU KDQG PDLQWDLQV WKDW WKH GLVWULFW FRXUW
1R /DZOHUY)LUHPDQ¶V)XQG,QV&RHWDO
WKRVH FDVHV ,Q IDFW DV RQH 2KLR FRXUW H[SODLQHG WKH
LQWHUPHGLDWHDSSHOODWHFRXUWV³KDYHIRXQG0RRUHDSSOLFDEOH
LQVLWXDWLRQVRQO\ZKHQWKHLQVXUHUDWWHPSWVWRSURKLELWDQRQ
E R G L O \ L Q M X U H G L Q V X U H G I U R P F R O O H F W L Q J
>XQLQVXUHGXQGHULQVXUHG PRWRULVW@ EHQHILWV XQGHU WKH
LQVXUHG¶VRZQSROLF\´3RVWY+DUEHU1R&$
:/ 2KLR&W$SS)HE FLWLQJFDVHV
UHYHUVHGRQRWKHUJURXQGV1(G 2KLR 6HH
DOVR'DYLGVRQY8KULJ1R&$:/
2KLR&W$SS-XQH FLWLQJFDVHV %HQWOH\Y
3URJUHVVLYH,QV&R1R&$:/ 2KLR
&W$SS1RY ,QHDFKRIWKHVH2KLRFDVHVDVLQ
0RRUHDQG6H[WRQWKHQRQERGLO\LQMXUHGLQVXUHGZDVWKH
QDPHGLQVXUHGRQKLVRUKHURZQDXWRPRELOHOLDELOLW\SROLF\
:HIRXQGQRFDVHVDSSO\LQJWKHUXOHRXWVLGHWKLVFRQWH[W$V
WKLVLVWKHYLHZRIWKH2KLRFRXUWRIDSSHDOVDQGWKH2KLR
6XSUHPH&RXUWKDVJLYHQQRLQGLFDWLRQWKDWLWZRXOGH[WHQG
6H[WRQ0RRUHEH\RQGLWVIDFWVZHILQGWKDW0RRUHGRHVQRW
DSSO\ WR SODLQWLII¶V FODLP IRU EHQHILWV ZKHQ 808,0
FRYHUDJHDULVHVE\RSHUDWLRQRIODZ
+DYLQJIRXQGWKDWWKHGLVWULFWFRXUWHUURQHRXVO\UHOLHGRQ
WKHVFRSHRIHPSOR\PHQWOLPLWDWLRQZHQRQHWKHOHVVDIILUP
WKHGLVWULFWFRXUW¶VJUDQWRIVXPPDU\MXGJPHQWLQIDYRURI
6WDWH)DUPRQERWKWKHFURVVFODLPDQGWKHWKLUGSDUW\FODLP
$)),50('

-- 4 of 10 --

/DZOHUY)LUHPDQ¶V)XQG,QV&RHWDO 1R
7KLV ODQJXDJH ZDV DPHQGHG IXUWKHU E\ 6% HIIHFWLYH
6HSWHPEHU
7KH PDMRULW\ RSLQLRQ LQ 6H[WRQ KHOG WKDW WKH DXWRPRELOH OLDELOLW\
SROLF\ ODQJXDJH ZDV LQFRQVLVWHQW ZLWK WKH XQLQVXUHG PRWRULVW FRYHUDJH
PDQGDWHG LQ † EHFDXVH WKH VWDWXWH UHTXLUHG FRYHUDJH ³IRU WKH
SURWHFWLRQ RI SHUVRQV LQVXUHG WKHUHXQGHU ZKR DUH OHJDOO\ HQWLWOHG WR
UHFRYHU GDPDJHV IURP RZQHUV RU RSHUDWRUV RI XQLQVXUHG PRWRU YHKLFOHV
EHFDXVH RI ERGLO\ LQMXU\ VLFNQHVV RU GLVHDVH LQFOXGLQJ GHDWK UHVXOWLQJ
WKHUHIURP´ ,G DW )LQGLQJ WKDW WKH VWDWXWH GLG QRW VSHFLI\ WKDW WKH
LQVXUHG PXVW KDYH VXVWDLQHG WKH ERGLO\ LQMXU\ WKH &RXUW KHOG LW ZDV
VXIILFLHQW WKDW WKH IDWKHU ZDV HQWLWOHG WR UHFRYHU ILQDQFLDO ORVVHV DV D UHVXOW
RI WKH GHDWK RI KLV GDXJKWHU 7KH TXRWHG ODQJXDJH ZDV WKHQ DPHQGHG E\
6% WR GHOHWH ³UHVXOWLQJ WKHUHIURP´ DQG LQVHUW LQ LWV SODFH ³VXIIHUHG E\
DQ\ SHUVRQ LQVXUHG XQGHU WKH SROLF\´ ,Q 0RRUH WKH &RXUW IRXQG WKH
DPHQGHG SURYLVLRQ ZDV DPELJXRXV DQG LQYRNLQJ WKH XQGHUO\LQJ SXUSRVH
RI XQLQVXUHG PRWRULVW FRYHUDJH KHOG WKDW WKH OLPLWDWLRQ RI FRYHUDJH WR
ERGLO\ LQMXU\ VXVWDLQHG E\ DQ LQVXUHG ZDV LQYDOLG DQG XQHQIRUFHDEOH
7KXV D PRWKHU ZKR ZDV D QDPHG LQVXUHG RQ DQ DXWRPRELOH OLDELOLW\
SROLF\ ZDV HQWLWOHG WR XQLQVXUHG PRWRULVW EHQHILWV XQGHU WKH SROLF\ IRU
ORVVHV UHODWLQJ WR WKH GHDWK RI KHU VRQ ZKR ZDV QRW OLYLQJ ZLWK KHU DV D
UHVXOW RI DQ DFFLGHQW LQ DQ XQLQVXUHG DXWRPRELOH 6HH DOVR .LQJ Y *UDQJH
0XW &DV &R 1(G 2KLR 8,0 FRYHUDJH FDVH
UHYHUVLQJ ZLWKRXW RSLQLRQ
†:HDUHQRWSHUVXDGHGWKDWWKH2KLRFRXUWVZRXOG
DSSO\0RRUHZKHQ8,0FRYHUDJHKDVEHHQIRXQGWRDULVHE\
RSHUDWLRQRIODZ
,QERWK0RRUHDQG6H[WRQWKH&RXUWZDVSUHVHQWHGZLWKD
FDVH LQ ZKLFK D SDUHQW ZKRVH FKLOG KDG EHHQ NLOOHG LQ DQ
DXWRPRELOHDFFLGHQWLQYROYLQJDQXQLQVXUHGYHKLFOHVRXJKW
WRUHFRYHUXQLQVXUHGPRWRULVWEHQHILWVXQGHUDQDXWRPRELOH
OLDELOLW\SROLF\XQGHUZKLFKWKHSDUHQWZDVWKHQDPHGLQVXUHG
7KRVHFDVHVKHOGWKDWWKHODQJXDJHLQ†DVLWVWRRG
ERWKEHIRUHWKHDPHQGPHQWVDQGDVDPHQGHGLQ
SUHFOXGHGDQLQVXUHUIURPGHQ\LQJFRYHUDJHWRWKHSDUHQWVRQ
WKHJURXQGVWKDWWKH\DVWKHLQVXUHGGLGQRWVXVWDLQ³ERGLO\
LQMXU\´
3ODLQWLIIKDVIDLOHGWRHLWKHUDUWLFXODWHDEDVLVIRUH[WHQGLQJ
WKLV UXOH WR RXU VLWXDWLRQ RU LGHQWLI\ DQ\ FDVHV WKDW KDYH
H[WHQGHGWKHKROGLQJLQ6H[WRQRU0RRUHEH\RQGWKHIDFWVRI
1R /DZOHUY)LUHPDQ¶V)XQG,QV&RHWDO
VLPSO\UHIXVHGWRH[WHQGWKRVHGHFLVLRQVWRWKLVFDVHRIILUVW
LPSUHVVLRQ *LYHQ WKH GH QRYR QDWXUH RI RXU UHYLHZ RXU
IRFXVLVRQWKHGLVWULFWFRXUW¶VDQDO\VLVQRWLWVFRPPHQWDU\
DQGRXUWDVNLVWRGHWHUPLQHZKHWKHUWKHGLVWULFWFRXUWHUUHGLQ
LWVGHWHUPLQDWLRQDQGDSSOLFDWLRQRI2KLRODZ
:KHUHMXULVGLFWLRQLVEDVHGRQGLYHUVLW\RIFLWL]HQVKLSZH
PXVW DSSO\ WKH VXEVWDQWLYH ODZ RI WKH IRUXP VWDWH ³LQ
DFFRUGDQFHZLWKWKHWKHQFRQWUROOLQJGHFLVLRQRIWKHKLJKHVW
VWDWHFRXUW´9DQGHQEDUNY2ZHQV,OOLQRLV*ODVV&R
86 =LHJOHUY,%3+RJ0DUNHW,QF
)G WK&LU 7DOOH\Y6WDWH)DUP)LUHDQG
&DV&R)G WK&LU ,IWKHVWDWH¶V
KLJKHVWFRXUWKDVQRWGHFLGHGWKHLVVXHWKHIHGHUDOFRXUWPXVW
DVFHUWDLQZKDWWKHVWDWHODZLVIURP³DOOUHOHYDQWGDWD´%DLOH\
Y 9 2 3UHVV &R )G WK &LU
5HOHYDQW GDWD LQFOXGHV LQWHUPHGLDWH DSSHOODWH GHFLVLRQV
ZKLFKPD\QRWEHGLVUHJDUGHG³XQOHVV>ZHDUH@FRQYLQFHGE\
RWKHUSHUVXDVLYHGDWDWKDWWKHKLJKHVWFRXUWRIWKHVWDWHZRXOG
GHFLGHRWKHUZLVH´3XFNHWWY7HQQ(DVWPDQ&R)G
WK&LU VHHDOVR.LUNY+DQHV&RUS
)G WK &LU DSSHOODWH GHFLVLRQV
DXWKRULWDWLYH DEVHQW ³VWURQJ VKRZLQJ´ WKDW VWDWH¶V KLJKHVW
FRXUWZRXOGGHFLGHGLIIHUHQWO\
)RUPHU2KLR5HYLVHG&RGH†PDQGDWHGWKDWDOO
DXWRPRELOHRUPRWRUYHKLFOHOLDELOLW\LQVXUHUVRIIHUDQLQVXUHG
WKHRSSRUWXQLW\WRSXUFKDVH808,0FRYHUDJH7KH2KLR
6XSUHPH&RXUWLQWHUSUHWLQJWKHVWDWXWHKHOGWKDWDEVHQWSURRI
WKDWVXFKDQRIIHUZDVPDGHDQGUHMHFWHG808,0FRYHUDJH
ZRXOGDULVHE\RSHUDWLRQRIODZ*\RULY-RKQVWRQ&RFD
&ROD%RWWOLQJ*URXS1(G 2KLR VHH
DOVR /LQNR Y ,QGHP ,QV &R RI 1 $P 1(G
2KLR GHILQLQJYDOLGUHMHFWLRQ 6WDWH)DUPPDGHQR
FODLP WR KDYLQJ REWDLQHG D YDOLG UHMHFWLRQ RI 808,0
FRYHUDJHIRUWKHEXVLQHVVOLDELOLW\SROLF\DWLVVXH
7KH*HQHUDO$VVHPEO\DPHQGHG†PDQ\WLPHVLQ
UHFHQW\HDUVRIWHQZLWKWKHH[SUHVVLQWHQWLRQRIVXSHUFHGLQJ
GHFLVLRQV RI WKH 2KLR 6XSUHPH &RXUW WKDW LQWHUSUHWHG WKH

-- 5 of 10 --

/DZOHUY)LUHPDQ¶V)XQG,QV&RHWDO 1R
(IIHFWLYH 2FWREHU † ZDV UHZULWWHQ WR HOLPLQDWH
ERWK WKH UHTXLUHPHQW RI D PDQGDWRU\ RIIHU RI 808,0 FRYHUDJH DQG WKH
SRVVLELOLW\ RI 808,0 FRYHUDJH EHLQJ LPSOLHG DV D PDWWHU RI ODZ
6WDWLQJ WKDW LWV SXUSRVH ZDV WR VWDELOL]H WKH PDUNHW IRU DXWRPRELOH OLDELOLW\
LQVXUDQFH LQ 2KLR WKH *HQHUDO $VVHPEO\ VSHFLILFDOO\ LQGLFDWHG LWV
LQWHQWLRQ WR VXSHUFHGH 6FRWW3RQW]HU *\RUL /LQNR DQG RWKHU GHFLVLRQV RI
WKH 2KLR 6XSUHPH &RXUW
(IIHFWLYH 6HSWHPEHU 6% DGGHG † / GHILQLQJ
³DXWRPRELOH OLDELOLW\ RU PRWRU YHKLFOH OLDELOLW\ SROLF\ RI LQVXUDQFH´ DV
³ $Q\ SROLF\ RI LQVXUDQFH WKDW VHUYHV DV SURRI RI ILQDQFLDO
UHVSRQVLELOLW\ DV SURRI RI ILQDQFLDO UHVSRQVLELOLW\ LV GHILQHG >LQ WKH PRWRU
YHKLFOH FRGH@ IRU RZQHUV RU RSHUDWRUV RI WKH PRWRU YHKLFOHV VSHFLILFDOO\
VWDWXWH¶VSURYLVLRQV8QGHU2KLRODZWKHVFRSHRIFRYHUDJH
IRUD808,0FODLPLVJRYHUQHGE\WKHVWDWXWRU\ODZLQHIIHFW
DW WKH WLPH RI HQWHULQJ WKH FRQWUDFW 5RVV Y )DUPHUV ,QV
*URXS 1(G 2KLR V\OODEXV ,Q WKLV
FDVH 6WDWH )DUP LVVXHG WKH FRPPHUFLDO OLDELOLW\ SROLF\ WR
*XLVHSSHV 3L]]D IRU WKH PRQWK SHULRG EHJLQQLQJ
'HFHPEHUDQGHQGLQJ'HFHPEHU%HFDXVH
WKHFRQWUDFWZDVHQWHUHGLQWREHIRUHWKHDPHQGPHQWV
DGRSWHG E\ +RXVH %LOO +% EHFDPH HIIHFWLYH RQ
6HSWHPEHUWKLVGLVSXWHLVJRYHUQHGE\WKHVWDWXWHDV
DPHQGHG LQ E\ 6HQDWH %LOO 6% HIIHFWLYH
2FWREHU
$ 0RWRU9HKLFOH/LDELOLW\,QVXUDQFH
8QWLO†ZDVDPHQGHGHIIHFWLYH6HSWHPEHU
WKH VWDWXWH GLG QRW GHILQH ZKDW FRQVWLWXWHG ³DQ DXWRPRELOH
OLDELOLW\ RU PRWRU YHKLFOH OLDELOLW\ LQVXUDQFH SROLF\´ IRU
SXUSRVHV RI WULJJHULQJ DQ LQVXUHU¶V REOLJDWLRQ WR RIIHU
808,0 FRYHUDJH ,QWHUSUHWLQJ WKH YHUVLRQ RI WKH
VWDWXWH WKH 2KLR 6XSUHPH &RXUW KHOG LQ 6HODQGHU Y (ULH
,QVXUDQFH *URXS 1(G 2KLR WKDW D
FRPPHUFLDO OLDELOLW\ SROLF\ SURYLGLQJ OLPLWHG OLDELOLW\
FRYHUDJH IRU KLUHG DQG QRQRZQHG DXWRPRELOHV XVHG LQ WKH
LQVXUHG¶VEXVLQHVVDIIRUGHGVXIILFLHQWDXWRPRELOHFRYHUDJHWR
EH GHHPHG D PRWRU YHKLFOH OLDELOLW\ SROLF\ VXEMHFW WR
†
1R /DZOHUY)LUHPDQ¶V)XQG,QV&RHWDO
&RQVLVWHQW ZLWK 6FRWW3RQW]HU WKH 2KLR FRXUWV KDYH
UHMHFWHGWKHDUJXPHQWWKDW(]DZDVWDQGVIRUWKHSURSRVLWLRQ
WKDW8,0FRYHUDJHDULVLQJE\RSHUDWLRQRIODZLQFOXGHVIDPLO\
PHPEHUV ZLWKRXW UHJDUG IRU WKH GHILQLWLRQ RI DQ LQVXUHG
5DWKHU(]DZDKDVEHHQIROORZHGDQGLPSOLHGLQVXUHGVWDWXV
H[WHQGHGWRIDPLO\PHPEHUVRQO\ZKHQIDPLO\PHPEHUVDUH
LQFOXGHGLQWKHDPELJXRXVGHILQLWLRQRIDQLQVXUHG6HHHJ
6]HNHUHVY6WDWH)DUP)LUH &DV&R1R&$
:/ 2KLR &W $SS 2FW
(GPRQGVRQY3UHPLHU,QGXV&RUS1R:/
2KLR&W$SS2FW
,Q6]HNHUHVDQLQMXUHGSODLQWLIIVRXJKW8,0FRYHUDJHXQGHU
WKHFRPPHUFLDOOLDELOLW\SROLFLHVLVVXHGWRWKHHPSOR\HUVRI
KLVPRWKHUDQGVLVWHU7KRVHSROLFLHVGHILQHGDQLQVXUHGWR
LQFOXGH HPSOR\HHV DFWLQJ ZLWKLQ WKH VFRSH RI WKHLU
HPSOR\PHQWDQG808,0FRYHUDJHZDVDVVXPHGWRDULVHE\
RSHUDWLRQRIODZ%HFDXVHQHLWKHUFRPPHUFLDOSROLF\GHILQHG
DQLQVXUHGWRLQFOXGH³IDPLO\PHPEHUV´LQFRQWUDVWWRWKH
ODQJXDJHDWLVVXHLQ6FRWW3RQW]HUDQG(]DZDSODLQWLIIDVDQ
LQMXUHG VRQ DQG EURWKHU ZDV KHOG QRW WR EH DQ LQVXUHG
6]HNHUHVDW 6LPLODUO\WKH6WDWH)DUPSROLF\H[SUHVVO\
LQFOXGHGHPSOR\HHVLQWKHGHILQLWLRQRIDQLQVXUHGEXWWKDW
GHILQLWLRQ GLG QRW DOVR LQFOXGH DQ HPSOR\HH¶V IDPLO\
PHPEHUV $FFHSWLQJ WKDW (ULQ /DZOHU DV DQ HPSOR\HH RI
*XLVHSSHV 3L]]D FDPH ZLWKLQ WKH GHILQLWLRQ RI DQ LQVXUHG
ZLWKRXWUHJDUGIRUZKHWKHUVKHZDVDFWLQJZLWKLQWKHVFRSHRI
KHU HPSOR\PHQW -HUHP\ /DZOHU ZDV QRW DQ LQVXUHG IRU
SXUSRVHVRI8,0FRYHUDJHXQGHUWKH6WDWH)DUPSROLF\LVVXHG
WR(ULQ/DZOHU¶VHPSOR\HU
)LQDOO\ SODLQWLII DVVHUWV LQ KHU UHSO\ EULHI WKDW VKH PD\
UHFRYHU8,0EHQHILWVLQKHURZQQDPHDVDQLQVXUHGXQGHU
WKH6WDWH)DUPSROLF\HYHQWKRXJKVKHZDVQRWLQYROYHGLQWKH
DFFLGHQW:LWKRXWDQ\IXUWKHUHODERUDWLRQSODLQWLIIVLPSO\
FLWHVWRWKH2KLR6XSUHPH&RXUWGHFLVLRQLQ0RRUHY6WDWH
$XWRPRELOH 0XWXDO ,QVXUDQFH &R 1(G 2KLR
ZKLFKKDVEHHQGHVFULEHGDV³UHVXUUHFWLQJ´6H[WRQY
6WDWH)DUP0XWXDO$XWRPRELOH,QVXUDQFH&R1(G
2KLR IRUFDVHVJRYHUQHGE\WKHYHUVLRQRI

-- 6 of 10 --

/DZOHUY)LUHPDQ¶V)XQG,QV&RHWDO 1R
)RU WKLV UHDVRQ ZH QHHG QRW DGGUHVV SODLQWLII¶V FRQWHQWLRQ WKDW WKH
GLVWULFW FRXUW HUURQHRXVO\ LJQRUHG 6WDWH )DUP¶V UHVSRQVH WR KHU UHTXHVW IRU
DGPLVVLRQV DGPLWWLQJ WKDW XQGHU WKH DXWKRULW\ RI 6FRWW3RQW]HU (ULQ
/DZOHU ZDV DQ LQVXUHG XQGHU WKH 6WDWH )DUP SROLF\ RQ WKH GDWH RI WKH
DFFLGHQW
OLPLWDWLRQV LQ WKH GHILQLWLRQ RI DQ LQVXUHG ZKHQ 808,0
FRYHUDJHLVIRXQGWRDULVHE\RSHUDWLRQRIODZ5REHUWVY
:DXVDX%XV,QV&R1(G 2KLR&W
$SS VHHDOVR.DVVRQY*RRGPDQ1R/
:/ 2KLR&W$SS-XQH %XWFKHUY
/HZLV1R&$:/ 2KLR&W$SS
$SU DSSHDOGLVPLVVHG 1(G 2KLR
%URGEHFN Y &RQWLQHQWDO &DV &R 1R /
:/ 2KLR$SS)HE $FFRUGLQJO\WKH
GLVWULFWFRXUWHUUHGLQILQGLQJWKDWDQHPSOR\HHFRXOGRQO\EH
DQLQVXUHGXQGHUWKH6WDWH)DUPSROLF\ZKHQDFWLQJZLWKLQWKH
VFRSHRIHPSOR\PHQW
7KDW VDLG KRZHYHU WKLV FDVH GRHV QRW SUHVHQW D 6FRWW
3RQW]HUFODLPEHFDXVHLQWKLVFDVHWKHLQVXUHGHPSOR\HH(ULQ
/DZOHUZDVQRWLQYROYHGLQWKHDFFLGHQW:LWKRXWIOHVKLQJ
RXWKHUDUJXPHQWSODLQWLIIFLWHVWR(]DZDLQDQDSSDUHQWHIIRUW
WRFODLPKHUKXVEDQGZDVDQLQVXUHGXQGHUWKH6WDWH)DUP
SROLF\:HILQG(]DZDGRHVQRWDSSO\
,Q(]DZDWKHTXHVWLRQZDVZKHWKHUWKHPLQRUFKLOGRIDQ
HPSOR\HHLQMXUHGZKLOHULGLQJLQDFDUWKDWZDVQRWDFRYHUHG
YHKLFOH ZDV DQ LQVXUHG XQGHU D FRPPHUFLDO DXWRPRELOH
SROLF\ WKDW OLVWHG RQO\ WKH HPSOR\HU DV WKH QDPHG LQVXUHG
7KDW SROLF\ ZKLFK SURYLGHG 8,0 FRYHUDJH E\ LWV WHUPV
FRQWDLQHGWKHVDPHVWDQGDUGODQJXDJHDVWKH6FRWW3RQW]HU
DXWRPRELOHSROLF\GHILQLQJLQVXUHGVWRLQFOXGH³<RX´DQG³,I
\RXDUHDQLQGLYLGXDODQ\IDPLO\PHPEHU´7KHLQWHUPHGLDWH
DSSHOODWHFRXUWKHOGWKDWWKHFRQGLWLRQDOQDWXUHRIWKHSKUDVH
³LI \RX DUH DQ LQGLYLGXDO´ UHPRYHG WKH 6FRWW3RQW]HU
DPELJXLW\ZLWKUHVSHFWWRIDPLO\PHPEHUVRIDQHPSOR\HH
7KH2KLR6XSUHPH&RXUWUHYHUVHGZLWKRXWRSLQLRQFLWLQJLWV
GHFLVLRQLQ6FRWW3RQW]HU
1R /DZOHUY)LUHPDQ¶V)XQG,QV&RHWDO
LGHQWLILHG LQ WKH SROLF\ RI LQVXUDQFH DQ\ XPEUHOOD OLDELOLW\ SROLF\ RI
LQVXUDQFH ´ 7KLV GHILQLWLRQ ZDV ODWHU DPHQGHG HIIHFWLYH
1RYHPEHU VR WKDW † / IXUWKHU OLPLWHG WKH GHILQLWLRQ
WR LQFOXGH ³>D@Q\ XPEUHOOD OLDELOLW\ SROLF\ RI LQVXUDQFH ZULWWHQ DV H[FHVV
RYHU RQH RI PRUH SROLFLHV GHVFULEHG LQ GLYLVLRQ / RI WKLV VHFWLRQ´
7KHGLVWULFWFRXUWGLVWLQJXLVKHGWKLVFDVHRQWKHJURXQGV
WKDWWKHGHFHGHQWVLQ6HODQGHUZHUHNLOOHGZKLOHLQWKHFRXUVH
RISDUWQHUVKLSEXVLQHVV7KHFRPPHUFLDOOLDELOLW\SROLF\DW
LVVXHLQ6HODQGHUH[SUHVVO\SURYLGHGOLPLWHGOLDELOLW\FRYHUDJH
WRWKHQDPHGLQVXUHGWKHSDUWQHUVKLSDULVLQJIURPWKHXVHRI
³KLUHG´ DQG ³QRQRZQHG´ DXWRPRELOHV LQ WKH FRXUVH RI
SDUWQHUVKLSEXVLQHVV7ZREURWKHUVZKRZHUHSDUWQHUVLQWKH
EXVLQHVVZHUHNLOOHGLQDQDFFLGHQWLQYROYLQJDSLFNXSWUXFN
RZQHGE\RQHRIWKHSDUWQHUVDQGEHLQJXVHGLQWKHFRXUVHRI
SDUWQHUVKLSEXVLQHVV'HVSLWHWKHSRVVLEOHLPSOLFDWLRQWKDW
WKHFRXUVHRIHPSOR\PHQWGLVWLQFWLRQPLJKWEHVLJQLILFDQWWR
WKH KROGLQJ LQ 6HODQGHU VXEVHTXHQW 2KLR 6XSUHPH &RXUW
GHFLVLRQV OHDG XV WR FRQFOXGH WKDW WKLV FDVH FDQQRW EH
GLVWLQJXLVKHGIURP6HODQGHURQWKDWEDVLV
,Q 'DYLGVRQ Y 0RWRULVWV 0XWXDO ,QVXUDQFH &R
1(G 2KLR WKH 2KLR 6XSUHPH &RXUW
GLVWLQJXLVKHG 6HODQGHU IURP KRPHRZQHU¶V SROLFLHV WKDW
H[FOXGHG FRYHUDJH IRU PRWRU YHKLFOHV H[FHSW WKDW WKH\
SURYLGHG OLPLWHG OLDELOLW\ FRYHUDJH IRU FHUWDLQ ³PRWRUL]HG
FRQYH\DQFHV´QRWVXEMHFWWRPRWRUYHKLFOHUHJLVWUDWLRQODZV
,QILQGLQJWKHKRPHRZQHU¶VSROLFLHVZHUHQRWDXWRPRELOHRU
PRWRUYHKLFOHSROLFLHVWKH&RXUWH[SODLQHGWKDW
WKH SROLF\ LQ 6HODQGHU ZDV GHHPHG DQ DXWRPRELOH
OLDELOLW\RUPRWRUYHKLFOHSROLF\SUHFLVHO\EHFDXVHWKHUH
ZDVH[SUHVVOLDELOLW\FRYHUDJHDULVLQJIURPWKHXVHRI
DXWRPRELOHV )XUWKHUPRUH DXWRPRELOHV XQOLNH WKH
YHKLFOHVOLVWHGLQWKHKRPHRZQHU¶VSROLF\LQWKLVFDVHDUH
VXEMHFWWRPRWRUYHKLFOHUHJLVWUDWLRQDQGDUHGHVLJQHGIRU
DQGDUHXVHGIRUWUDQVSRUWLQJSHRSOHRQDSXEOLFKLJKZD\
1(GDW HPSKDVLVDGGHG

-- 7 of 10 --

/DZOHUY)LUHPDQ¶V)XQG,QV&RHWDO 1R
7KH UHVLGHQFHHPSOR\HH H[FHSWLRQ H[WHQGHG OLDELOLW\ FRYHUDJH IRU
LQMXU\ WR DQ HPSOR\HH LQ WKH FRXUVH RI GRPHVWLF HPSOR\PHQW ZKLFK
ZRXOG LQFOXGH OLDELOLW\ IRU VXFK LQMXULHV HYHQ LI WKH\ DURVH LQ DQ
DXWRPRELOH DFFLGHQW 7KH &RXUW UHDVRQHG WKDW LQ VXFK D VLWXDWLRQ
DXWRPRELOH FRYHUDJH ZRXOG DULVH E\ YLUWXH RI WKH HPSOR\HH¶V HPSOR\PHQW
DQG QRW EHFDXVH D PRWRU YHKLFOH ZDV LQYROYHG
,Q+LOO\HUY6WDWH)DUP)LUH &DVXDOW\&R1(G
2KLR DFDVHDULVLQJXQGHUWKHYHUVLRQRIWKH
VWDWXWH WKH 2KLR 6XSUHPH &RXUW KHOG WKDW D UHVLGHQFH
HPSOR\HHFODXVHLQDKRPHRZQHU¶VSROLF\GRHVQRWFRQYHUW
WKDW SROLF\ LQWR D PRWRU YHKLFOH SROLF\ IRU SXUSRVHV RI
† &ODULI\LQJ LWV GHFLVLRQV LQ 6HODQGHU DQG
'DYLGVRQWKH&RXUWH[SODLQHGWKDWLWLVWKHW\SHRIFRYHUDJH
SURYLGHGE\WKHWHUPVRIWKHSROLF\WKDWGHWHUPLQHVZKHWKHU
LW ZLOO EH IRXQG WR EH D PRWRU YHKLFOH OLDELOLW\ SROLF\ IRU
SXUSRVHV RI WKH VWDWXWH ,Q WKH FRXUVH RI WKH RSLQLRQ WKH
&RXUW SURYLGHG WKH IROORZLQJ LQVLJKW LQWR WKH UDWLRQDOH
XQGHUO\LQJ6HODQGHUDQG'DYLGVRQ
6HODQGHULQYROYHGDEXVLQHVVOLDELOLW\SROLF\LVVXHGWRD
SDUWQHUVKLS7KHSROLF\JHQHUDOO\H[FOXGHGFRYHUDJHIRU
DXWRPRELOHV KRZHYHU LW SURYLGHG VRPH DXWRPRELOH
OLDELOLW\FRYHUDJHIRUFODLPVRIYLFDULRXVOLDELOLW\DULVLQJ
IURPWKHXVHRIXQVSHFLILHGKLUHGRUQRQRZQHGYHKLFOHV
XVHGLQWKHFRXUVHRIWKHEXVLQHVV%HFDXVHWKHEXVLQHVV
SROLF\ SURYLGHG VRPH OLDELOLW\ FRYHUDJH LQ OLPLWHG
FLUFXPVWDQFHVZHKHOGWKDW808,0FRYHUDJHPXVWEH
SURYLGHG
7KHFRYHUDJHLQ'DYLGVRQZDVQRWLQFLGHQWDO
PHUHO\EHFDXVHLWLQYROYHGUHFUHDWLRQDOYHKLFOHV,QVWHDG
LW ZDV LQFLGHQWDO SULPDULO\ EHFDXVH FRYHUDJH RI WKRVH
YHKLFOHVZDVUHPRWHIURPDQGLQVLJQLILFDQWWRWKHW\SHRI
RYHUDOOFRYHUDJHWKHSROLF\SURYLGHG
+LOO\HU1(GDW
7KH 6WDWH )DUP SROLF\ LQ WKLV FDVH SURYLGHG FRYHUDJH
WKURXJKDQH[FHSWLRQWRWKHDXWRPRELOHH[FOXVLRQIRU³ERGLO\
1R /DZOHUY)LUHPDQ¶V)XQG,QV&RHWDO
,I\RXDUHGHVLJQDWHGLQWKH'HFODUDWLRQVDV
D DQLQGLYLGXDO\RXDQG\RXUVSRXVHDUHLQVXUHGV
EXWRQO\ZLWKUHVSHFWWRWKHFRQGXFWRIDEXVLQHVV
RIZKLFK\RXDUHWKHVROHRZQHU
E DSDUWQHUVKLSRUMRLQWYHQWXUH
F DQRUJDQL]DWLRQRWKHUWKDQDSDUWQHUVKLSRUMRLQW
YHQWXUH \RX DUH DQ LQVXUHG <RXU H[HFXWLYH
RIILFHUV GLUHFWRUV DQG WUXVWHHV DUH LQVXUHGV EXW
RQO\ZLWKUHVSHFWWRWKHLUGXWLHVDV\RXURIILFHUV
GLUHFWRUVRUWUXVWHHV<RXUVWRFNKROGHUVDUHDOVR
LQVXUHGVEXWRQO\ZLWKUHVSHFWWRWKHLUOLDELOLW\DV
VWRFNKROGHUV
(DFKRIWKHIROORZLQJDUHDOVRDQLQVXUHG
D \RXU HPSOR\HHV RWKHU WKDQ \RXU H[HFXWLYH
RIILFHUVEXWRQO\IRUDFWVZLWKLQWKHVFRSHRIWKHLU
HPSOR\PHQWE\\RX+RZHYHUQRHPSOR\HHLVDQ
LQVXUHGIRU

ERGLO\LQMXU\RUSURSHUW\GDPDJHDULVLQJ
RXW RI WKH RZQHUVKLS PDLQWHQDQFH XVH RU
HQWUXVWPHQWWRRWKHUVRIDQ\QRQRZQHGDXWR
RUDQ\DJHQWRUHPSOR\HHRIDQRZQHURIDQ\
QRQRZQHGDXWR>@
,WVHHPVDSSDUHQWWKDWEHFDXVHWKHGHILQLWLRQRIDQLQVXUHG
H[SUHVVO\LQFOXGHG³HPSOR\HHV´DOEHLWRQO\IRUDFWVZLWKLQ
WKHVFRSHRIWKHLUHPSOR\PHQWWKH&RXUWLQ6FRWW3RQW]HUZDV
QRWUHTXLUHGWRILQGWKHGHILQLWLRQWREHDPELJXRXVLQRUGHUWR
FRQFOXGHWKDW3RQW]HUFDPHZLWKLQLWVWHUPV
0RUHRYHU ZKDWHYHU XQFHUWDLQW\ ZDV VSDZQHG E\ WKH
VWUXFWXUHRIWKHRSLQLRQLQ6FRWW3RQW]HURXUVXUYH\RI2KLR
FDVHODZLQGLFDWHVWKDW6FRWW3RQW]HUKDVEHHQLQWHUSUHWHGWR
SUHFOXGHDQHPSOR\HUIURPUHO\LQJRQVFRSHRIHPSOR\PHQW

-- 8 of 10 --

/DZOHUY)LUHPDQ¶V)XQG,QV&RHWDO 1R
XQWLODIWHUGHFODULQJWKDW3RQW]HUZDVDQLQVXUHGXQGHUWKH
XPEUHOODSROLF\WKHGLVWULFWFRXUWUHDVRQHGWKDWWKHOLPLWDWLRQ
PXVW KDYH DSSHDUHG RXWVLGH WKH GHILQLWLRQ RI DQ LQVXUHG
%DVHGRQWKLVLQIHUHQFHWKHGLVWULFWFRXUWWKHQGLVWLQJXLVKHG
6FRWW3RQW]HU IURP WKLV FDVH RQ WKH JURXQGV WKDW WKH 6WDWH
)DUPSROLF\PRUHQDUURZO\GHILQHGDQLQVXUHGWRLQFOXGHRQO\
HPSOR\HHVDFWLQJZLWKLQWKHVFRSHRIWKHLUHPSOR\PHQW
:KLOHWKH2KLR6XSUHPH&RXUW¶VIDLOXUHWRDUWLFXODWHWKH
UHDVRQVIRUILQGLQJ3RQW]HUZDVDQLQVXUHGPDNHVWKHWDVNRI
LQWHUSUHWLQJWKHVFRSHRILWVKROGLQJPRUHGLIILFXOWWKHIDFW
WKDWWKH&RXUWVSHFLILFDOO\IRXQG3RQW]HUZDVDQLQVXUHGXQGHU
WKHXPEUHOODSROLF\FDQQRWEHGLVUHJDUGHG1RUFDQZHLJQRUH
WKH&RXUW¶VVWDWHPHQWWKDW³,IZHILQG3RQW]HUZDVQRWDQ
LQVXUHGXQGHUWKHSROLFLHVWKHQRXULQTXLU\LVDWDQHQG´
1(GDW6HH6]DERY&*8,QW¶O,QV)6XSSG
6'2KLR ³,WLVLQVKRUWXQUHDVRQDEOHWR
UHDG6FRWW3RQW]HUIRUWKHSURSRVLWLRQWKDWDQHPSOR\HHZKR
LV QRW QDPHG HLWKHU H[SUHVVO\ RU LPSOLHGO\ XQGHU KHU
HPSOR\LQJ FRUSRUDWLRQ¶V DXWRPRELOH OLDELOLW\ SROLF\ PXVW
QHYHUWKHOHVVEHQHILWIURPGHMXUH8,0FRYHUDJHRQDFFRXQW
RI WKH LQVXUHU QRW KDYLQJ RIIHUHG VXFK WR WKH FRUSRUDWH
HPSOR\HU´ &R[ Y 6WDWH )DUP )LUH &DV &R 1R
&$:/ 2KLR&W$SS-XQH
UHMHFWLQJFRQWHQWLRQWKDW808,0FRYHUDJHFUHDWHGE\
RSHUDWLRQRIODZSHUPLWVFRYHUDJHQRWRQO\WRHPSOR\HHVEXW
DOVRIDPLO\PHPEHUVZLWKRXWGHPRQVWUDWLQJWKDWWKHIDPLO\
PHPEHUZDVDOVRDQLQVXUHG
,QDGGLWLRQZKLOHWKH6XSUHPH&RXUW¶VRSLQLRQLQ6FRWW
3RQW]HUGLGQRWTXRWHWKHVFRSHRIHPSOR\PHQWOLPLWDWLRQDW
LVVXH XQGHU WKH XPEUHOOD SROLF\ WKH RQO\ VXFK SURYLVLRQ
DWWULEXWHGWRWKHSROLF\E\WKH2KLR&RXUWRI$SSHDOVZDVVHW
IRUWK LQ WKH GHILQLWLRQ RI DQ LQVXUHG 6HH /DZOHU )
6XSSGDWQ6FRWW3RQW]HU1R&$
:/ 2KLR&W$SS-DQ $VSODLQWLII
FRUUHFWO\SRLQWVRXWWKDWGHILQLWLRQZDVQHDUO\LGHQWLFDOWRWKH
IROORZLQJGHILQLWLRQRIDQLQVXUHGIRUSXUSRVHVRIEXVLQHVV
OLDELOLW\FRYHUDJHXQGHUWKH6WDWH)DUPSROLF\
1R /DZOHUY)LUHPDQ¶V)XQG,QV&RHWDO
LQMXU\RUSURSHUW\GDPDJHDULVLQJRXWRIWKHXVHRIDQ\QRQ
RZQHGDXWRLQ\RXUEXVLQHVVE\DQ\SHUVRQRWKHUWKDQ\RX>@´
/DZOHU)6XSSGDW LQWHUQDOTXRWDWLRQPDUNVDQG
FLWDWLRQRPLWWHG %HFDXVHWKH6WDWH)DUPSROLF\SURYLGHG
HVVHQWLDOO\WKHVDPHOLPLWHGDXWRPRELOHOLDELOLW\FRYHUDJHDV
ZDVSURYLGHGE\WKHFRPPHUFLDOOLDELOLW\SROLF\DWLVVXHLQ
6HODQGHUWKH6WDWH)DUPSROLF\ZDVDQDXWRPRELOHRUPRWRU
YHKLFOH OLDELOLW\ SROLF\ WULJJHULQJ WKH REOLJDWLRQ WR RIIHU
808,0 FRYHUDJH %HFDXVH WKH SROLF\ SURYLGHG QR
808,0FRYHUDJHDQGQRYDOLGRIIHUDQGUHMHFWLRQRIVXFK
FRYHUDJHZDVREWDLQHG808,0FRYHUDJHDURVHE\RSHUDWLRQ
RIODZ
% ,QVXUHG
&KDOOHQJLQJ WKH GLVWULFW FRXUW¶V ILQGLQJ WKDW VKH DQG KHU
KXVEDQG ZHUH QRW LQVXUHGV XQGHU WKH 6WDWH )DUP SROLF\
SODLQWLIIDUJXHVWKDWWKHGLVWULFWFRXUWPLVLQWHUSUHWHGDQGIDLOHG
WRDSSO\2KLRODZDVDUWLFXODWHGE\WKH2KLR6XSUHPH&RXUW
LQ6FRWW3RQW]HUDQG(]DZD:KLOHZHGRQRWDJUHHZLWKDOO
RIWKHGLVWULFWFRXUW¶VDQDO\VLVRIWKH6FRWW3RQW]HUGHFLVLRQ
ZHQRQHWKHOHVVFRQFOXGHWKDWQHLWKHU6FRWW3RQW]HUQRU(]DZD
FRPSHODILQGLQJWKDWSODLQWLIILVHQWLWOHGWR8,0FRYHUDJH
,Q6FRWW3RQW]HUDVXUYLYLQJZLGRZVRXJKWWRUHFRYHU8,0
PRWRULVWEHQHILWVXQGHUWZRLQVXUDQFHSROLFLHVLVVXHGWRKHU
KXVEDQG¶VHPSOR\HU6XSHULRU'DLU\DIWHUKHZDVNLOOHGLQD
FDUDFFLGHQWZKLOHGULYLQJKLVZLIH¶VFDURQSHUVRQDOEXVLQHVV
6XSHULRU ZDV WKH QDPHG LQVXUHG XQGHU D FRPPHUFLDO
DXWRPRELOHOLDELOLW\SROLF\DQGDQXPEUHOODH[FHVVOLDELOLW\
SROLF\ 7KH 2KLR 6XSUHPH &RXUW GHILQHG WKUHH LVVXHV IRU
GHFLVLRQILUVWZKHWKHUWKHGHFHGHQW&KULVWRSKHU3RQW]HUDV
DQHPSOR\HHRI6XSHULRUZDVDQLQVXUHGIRUSXUSRVHVRI8,0
FRYHUDJHXQGHUWKHVHSROLFLHVVHFRQGLIKHZDVWKHQZKHWKHU
LWZDVQHFHVVDU\IRUKLPWRKDYHEHHQDFWLQJLQWKHFRXUVHRI
HPSOR\PHQWDWWKHWLPHRIWKHDFFLGHQWDQGWKLUGZKHWKHUWKH
H[FOXVLRQV LQ WKH XPEUHOOD OLDELOLW\ SROLF\ DSSOLHG WR 8,0
FRYHUDJHDULVLQJE\RSHUDWLRQRIODZ
7KH FRPPHUFLDO DXWRPRELOH SROLF\ ZKLFK SURYLGHG
808,0FRYHUDJHGHILQHGDQLQVXUHGWRLQFOXGH³<RX´³,I

-- 9 of 10 --

/DZOHUY)LUHPDQ¶V)XQG,QV&RHWDO 1R
\RXDUHDQLQGLYLGXDODQ\IDPLO\PHPEHU´DQG³$Q\RQHHOVH
RFFXS\LQJDFRYHUHGDXWR´$OWKRXJK6XSHULRUZDVWKHRQO\
QDPHG LQVXUHG WKH &RXUW IRXQG WKH GHILQLWLRQ WR EH
DPELJXRXV DQG FRQVWUXHG WKH SROLF\ DJDLQVW WKH LQVXUHU
UHDVRQLQJDVIROORZV
&RQWUDU\WRDSSHOOHHV¶FRQWHQWLRQVWKHSROLF\ODQJXDJH
RIWKH>FRPPHUFLDODXWRPRELOH@SROLF\FDQEHLQWHUSUHWHG
WRLQFOXGHFRPSDQ\HPSOR\HHV$VVXPLQJDUJXHQGRWKDW
³\RX´GRHVUHIHUVROHO\WR6XSHULRU'DLU\WKLVGRHVQRW
IRUHFORVHWKHLQFOXVLRQRI3RQW]HUDVDQLQVXUHGXQGHUWKH
SROLF\:HQRWHDJDLQDVZHKDYHRIWHQLQWKHSDVWWKDW
XQLQVXUHG PRWRULVW FRYHUDJH ZDV GHVLJQHG E\ WKH
*HQHUDO $VVHPEO\ WR SURWHFW SHUVRQV QRW YHKLFOHV
0DUWLQY0LGZHVWHUQ*URXS,QV&R 2KLR
6WG 1(G SDUDJUDSK RQH RI WKH
V\OODEXV 6LQFH >2KLR 5HYLVHG &RGH †@
PDQGDWHV XQGHULQVXUHG DV ZHOO DV XQLQVXUHG PRWRULVW
FRYHUDJH REYLRXVO\ WKH VDPH UDWLRQDOH DSSOLHV WR
XQGHULQVXUHGPRWRULVWFRYHUDJH,WZRXOGEHFRQWUDU\WR
SUHYLRXVGLFWDWHVRIWKLVFRXUWIRUXVQRZWRLQWHUSUHWWKH
SROLF\ODQJXDJHDWLVVXHKHUHDVSURYLGLQJXQGHULQVXUHG
PRWRULVW LQVXUDQFH SURWHFWLRQ VROHO\ WR D FRUSRUDWLRQ
ZLWKRXWDQ\UHJDUGWRSHUVRQV6HH$G\Y:$P,QV
&R 2KLR 6WG 1(G
5DWKHULWZRXOGEHUHDVRQDEOHWRFRQFOXGHWKDW³\RX´
ZKLOH UHIHUULQJ WR 6XSHULRU 'DLU\ DOVR LQFOXGHV
6XSHULRU¶VHPSOR\HHVVLQFHDFRUSRUDWLRQFDQDFWRQO\E\
DQGWKURXJKUHDOOLYHSHUVRQV,WZRXOGEHQRQVHQVLFDOWR
OLPLW SURWHFWLRQ VROHO\ WR WKH FRUSRUDWH HQWLW\ VLQFH D
FRUSRUDWLRQLWVHOIFDQQRWRFFXS\DQDXWRPRELOHVXIIHU
ERGLO\LQMXU\RUGHDWKRURSHUDWHDPRWRUYHKLFOH+HUH
QDPLQJ WKH FRUSRUDWLRQ DV WKH LQVXUHG LV PHDQLQJOHVV
XQOHVVWKHFRYHUDJHH[WHQGVWRVRPHSHUVRQRUSHUVRQV±
LQFOXGLQJWRWKHFRUSRUDWLRQ¶VHPSOR\HHV
6FRWW3RQW]HU1(GDW7KXVWKH&RXUWIRXQG
WKDWDVDQHPSOR\HHRI6XSHULRU3RQW]HUFDPHZLWKLQWKH
GHILQLWLRQRIDQLQVXUHGXQGHUWKHDXWRPRELOHSROLF\6LQFH
WKDWSROLF\FRQWDLQHGQRODQJXDJHUHTXLULQJWKDWHPSOR\HHVEH
1R /DZOHUY)LUHPDQ¶V)XQG,QV&RHWDO
DFWLQJZLWKLQWKHVFRSHRIWKHLUHPSOR\PHQWWRUHFHLYH8,0
FRYHUDJHWKH&RXUWIRXQGWKHGHFHGHQWZDVFRYHUHGXQGHUWKH
EXVLQHVVDXWRPRELOHSROLF\
7KHVHSDUDWHXPEUHOODSROLF\OLVWHG6XSHULRU'DLU\DVWKH
QDPHGLQVXUHGDQG808,0FRYHUDJHZDVIRXQGWRDULVHE\
RSHUDWLRQ RI ODZ 7KH &RXUW ILUVW GHFODUHG WKDW DV DQ
HPSOR\HHRI6XSHULRU3RQW]HUZDVDQLQVXUHG2QO\WKHQGLG
WKH&RXUWDGGUHVVWKHVFRSHRIHPSOR\PHQWLVVXHH[SODLQLQJ
WKDWLWKDG
DOUHDG\ IRXQG WKDW /LEHUW\ 0XWXDO KDG IDLOHG WR RIIHU
XQGHULQVXUHG PRWRULVW FRYHUDJH WKURXJK WKH XPEUHOOD
SROLF\LVVXHGWR6XSHULRU'DLU\7KXVDQ\ODQJXDJHLQ
WKH/LEHUW\0XWXDOXPEUHOODSROLF\UHVWULFWLQJLQVXUDQFH
FRYHUDJHZDVLQWHQGHGWRDSSO\VROHO\WRH[FHVVOLDELOLW\
FRYHUDJHDQGQRWIRUSXUSRVHVRIXQGHULQVXUHGPRWRULVW
FRYHUDJH 6HH HJ 'HPHWU\ Y .LP 2KLR
$SSG 1(G 7KHUHIRUH
WKHUH LV QR UHTXLUHPHQW LQ WKH XPEUHOOD SROLF\ WKDW
3RQW]HU KDG WR EH DFWLQJ GXULQJ WKH VFRSH RI KLV
HPSOR\PHQW WR TXDOLI\ IRU XQGHULQVXUHG PRWRULVW
FRYHUDJH
1(GDW%DVHGRQWKLVGHWHUPLQDWLRQWKH&RXUW
KHOGWKDW3RQW]HUZDVDQLQVXUHGHQWLWOHGWR8,0FRYHUDJH
HYHQ WKRXJK KH ZDV QRW DFWLQJ ZLWKLQ WKH VFRSH RI KLV
HPSOR\PHQWDWWKHWLPHRIWKHDFFLGHQW
3ODLQWLIIDUJXHVWKDWWKHGLVWULFWFRXUWPLVLQWHUSUHWHGWKLV
SRUWLRQRIWKH6FRWW3RQW]HUGHFLVLRQEDVHGRQLWVHUURQHRXV
YLHZ WKDW WKH 2KLR 6XSUHPH &RXUW IDLOHG WR FRQVLGHU WKH
GLIIHUHQFHVEHWZHHQWKHGHILQLWLRQVRIDQLQVXUHGLQHDFKRI
WKHWZRSROLFLHV7KHGLVWULFWFRXUWVSHFLILFDOO\IRXQGWKDW
IURPWKHVXPPDU\WUHDWPHQWRIWKHXPEUHOODSROLF\³RQHLV
OHIWZLWKWKHLPSUHVVLRQWKDWWKH2KLR6XSUHPH&RXUWVLPSO\
GHFLGHG WKDW VLQFH WKH\ IRXQG XQLQVXUHGXQGHULQVXUHG
FRYHUDJHXQGHUWKHEXVLQHVVDXWRPRELOHSROLF\WKH\PLJKWDV
ZHOOILQGLWXQGHUWKHXPEUHOODSROLF\DVZHOO´/DZOHU
)6XSSGDW5HO\LQJRQWKHIDFWWKDWWKH6FRWW3RQW]HU
RSLQLRQGLGQRWGLVFXVVWKHVFRSHRIHPSOR\PHQWOLPLWDWLRQ

-- 10 of 10 --

Continua la tua ricerca in ChatGPT o Claude

Collega Omnilex per cercare nel corpus legale dal tuo assistente IA.