First Am. Bank v. First Am. Trans. Title Ins. Co., 07-31033
In an action seeking the proceeds of a maritime insurance policy, partial summary judgment for defendant, holding that the measure of indemnity was limited under the policy to the amount by which the payments to the holders of the priming liens for necessaries reduced plaintiff's recovery on its mortgages, is affirmed in part where the policy did not allow recovery of consequential damages. However, the order is reversed in part where the difference in values was not to be determined solely by the proceeds recovered from the foreclosure sale at issue.
- Decided 10/15/2009
- Published 10/15/2009
- OWEN, Circuit Judge:, Before JONES, Chief Judge, and OWEN and SOUTHWICK, Circuit Judges.
- United States Fifth Circuit
- For Appellant:
- John M. Landis (argued), Andrew D. Mendez, Phillip A. Wittmann, Stone, Pigman, Walther & Wittmann, New Orleans, LA, for Plaintiff-Appellant.
- For Appellees:
- Charles L. Stern, Jr. (argued), The Steeg Law Firm, LLC, Edward F. LeBreton, III, Fowler, Rodriguez, Valdes-Fauli, New Orleans, LA, for Defendant-Appellee.