California Court of Appeal November 30, 1992, Docket Nos. B064437, B064620, B064871 (Texas Commerce Bank v. Garamendi)

Opinion

WOODS (A. M.), P. J.

These consolidated appeals arise from judgment entered in seven underlying consolidated actions for declaratory relief.

The judgment determines that purchasers of “Municipal Bond Guaranteed Investment Contracts” (Muni-GICs) from Executive Life Insurance Company (ELIC) in 1986 have preferred class-5 claim priority as insurance “policyholders,” rather than class-6 “all