Need some help with finding a case to support my client's claim to have a constructive trust imposed over a key-man life insurance policy/buy-sell insurance policy.
Primary argument against granting my client a constructive trust--even though the divorce agreement noted that this policy was a "buy-out" policy and would be pledged for the child's benefit--is that the owner and beneficiary was the insured's company (he had 1% partnership interest) so he had no right to name a beneficiary and did not "own" the policy.
Beyond a key-man policy, a case where the Court imposed a Constructive Trust over policies maintained in an Irrevocable Life Insurance Trust or any asset owned/controlled by a third party would be helpful.
Cases can be from NJ or ANY state or federal court. Just need something to further support my argument because in every case I am finding the insured had the authority to name a beneficiary.
TIA
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David Cardamone Esq.
Miller & Gaudio, P.C.
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