Uv liquidating trust
The EPA subsequently initiated an action in federal district court against UV Industries, the Liquidating Trust, and Sharon Steel alleging liability under the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA), 42 U. Subsequent to the court's ruling, Aetna continued to provide for the defense of the Liquidating Trust, ultimately contributing approximately 95% (about .5 million) of the total defense costs. The Settlement and Subsequent Cross-Claim In July 1991, although on notice that Aetna had paid a substantial amount in defense costs for the Liquidating Trust, and that Aetna had also requested contribution, AMICO and Hartford settled with Sharon Steel and the Liquidating Trust, paying 5,000 and 0,000 respectively, for a release from any further obligations. We have previously held that an insurer's duty to defend is broader than its duty to indemnify. Therefore, it held that AMICO did not have a duty to defend.
Appellant Aetna Casualty and Surety Company appeals the trial court's grant of summary judgment in favor of appellees American Motorists Insurance Co. Aetna claims that the trial court erred in holding that it did not have a cause of action for equitable subrogation against AMICO and Hartford for monies it paid in defending UV Industries, Inc. Liquidating Trust (Liquidating Trust) in an action brought by the Environmental Protection Agency. The Insurance Policies and Coverage Litigation During many, but not all, of the years that UV Industries was in business, it purchased insurance to cover its operations.
1012 (1983) NATURE OF THE CASE: This was a dispute over the value of debentures in a sale of corporate assets.
In 1978, UV's Board of Directors announced a plan to sell Federal, one of the three companies.
In 1979, the UV Board announced its intention to liquidate UV, subject to shareholder approval.
UV distributed proxy materials, recommending approval of (i) the sale of Federal for 5,000,000 to a subsidiary of Reliance Electric Company and (ii) a Plan of Liquidation and Dissolution to sell the remaining assets of UV over a 12-month period.