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Nations Bank of North Carolina, N.A. V. Variable Annuity Life Insurance Company
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| Submitted: Fri Aug 26 2005
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Case Review #1 Nations Bank of North Carolina, N.A. V. Variable Annuity Life Insurance Company San Caraballo LAW 529 / Legal Environment of Business Galen Bland, J.D. July 25, 2005 Case Name, Citation and Court Nations Bank of North Carolina, N.A. V. Variable Annuity Life Insurance Company, 115 Supreme Court 810 (1995) Summary of Key Facts Nations Bank sought permission from the Comptroller of the Currency to sell annuities. When this permission was granted as "incidental to the business of banking," Variable Annuity Life Insurance Co. (VALIC) filed a law suit challenging the Comptroller's decision. The District Court upheld the Comptroller's ruling, but the Fifth Circuit Court of Appeals reversed it. Nations bank petitioned the Supreme Court for review and certiorari was granted. Legal Issues 1 - Should a bank, an institution commonly known for deposit savings and check cashing, be allowed to sell annuities to the public? 2 - Should annuities be considered a form of investment as presented...
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