Fifth Circuit Court Cases - Case Law and Opinions from the 5th Circuit Federal Court - Court of Appeals

	ROMINGER LEGAL
		Fifth Circuit Court of Appeals Opinions - 5th Circuit
					Need Legal Help?
					Need Legal Help?
LEGAL RESEARCH CENTER
LEGAL RESEARCH CENTER			LEGAL HEADLINES - CASE LAW - LEGAL FORMS	NOT FINDING WHAT YOU NEED? -CLICK HERE

This opinion or court case is from the Fifth Circuit Court or Appeals. Search our site for more cases - CLICK HERE

LEGAL RESEARCH

COURT REPORTERS

PRIVATE INVESTIGATORS

PROCESS SERVERS

DOCUMENT RETRIEVERS

EXPERT WITNESSES

Find a Private Investigator

Find an Expert Witness

Find a Process Server

Case Law - save on Lexis / WestLaw.

Legal News - Legal Headlines

IN THE UNITED STATES COURT OF APPEALS
FOR THE FIFTH CIRCUIT
_____________________
No. 92-2010
_____________________
THE VARIABLE ANNUITY LIFE INSURANCE
CO.,
Plaintiff-Appellant,
versus
ROBERT L. CLARK, Comptroller of the
Currency, ET AL.,
Defendants-Appellees.
_________________________________________________________________
Appeal from the United States District Court for the
Southern District of Texas
_________________________________________________________________
(March 21, 1995)
ON REMAND FROM THE UNITED STATES SUPREME COURT
Before GOLDBERG,* JOLLY, and WIENER, Circuit Judges.
E. GRADY JOLLY, Circuit Judge:
On August 26, 1993, in the above-captioned case,1 we held that
the section of the National Bank Act permitting national banks in
towns with under 5,000 inhabitants to act as insurance agents,
impliedly prohibited national banks in towns with populations over
5,000 inhabitants from selling insurance. We further held that
*Due to his death on February 11, 1995, Judge Goldberg did not
particpate in this decision. The case is being decided by a
quorum. 28 U.S.C. § 46(d).
1998 F.2d 1295 (5th Cir. 1993).

"annuities" were "insurance" within the meaning of this provision.
Accordingly, we reversed the decision of the district court
affirming the Comptroller of the Currency's decision approving the
proposed annuity sale by a national bank located in a town with a
population greater than 5,000. Certiorari was granted and the
Supreme Court2 reversed our decision. The Court held that the
Comptroller's opinion and order that annuities were properly
classified as investments, not insurance, and that the sale of
annuities was an incidental power necessary to carry on the
business of banking was a reasonable construction of the National
Bank Act and thus entitled to deference. By so holding, the Court
found it unnecessary to decide--as we had decided--whether a
national bank located in a town with more than 5,000 residents was
prohibited from selling insurance. In accordance with the decision
of the Supreme Court, we VACATE our mandate and REMAND to the
district court for entry of judgment in favor of the Comptroller of
the Currency and Nationsbank of North Carolina.
VACATED and REMANDED.
2Nationsbank v. Variable Annuity Life Ins. Co., ___ U.S. ___,
115 S.Ct. 810, 130 L.Ed.2d 740 (1995).
-2-