DISCLAIMER: Any unofficial case summaries below are prepared by the clerk's office
as a courtesy to the reader. They are not part of the opinion of the court.
081933P.pdf 05/18/2009 Acceptance Insurance Company v. Granite Reinsurance Company
U.S. Court of Appeals Case No: 08-1933
Appeal from the Bankruptcy Appellate Panel for the Eighth Circuit
[PUBLISHED] [Riley, Author, with Bowman and Colloton, Circuit Judges]
Civil case - Bankruptcy. The Bankruptcy Appellate Panel's decision
that the reinsurance contract in question was supported by consideration
and that the bankruptcy court did not err in determining that the contract
was enforceable against the debtor is affirmed; nor did the BAP err in
determining that the insurer could recover the premium for the last three
years of the contract; appellants were not discharged of their duty to pay
the $15 million premium by the frustration of fundamental purpose
defense.