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Decision of interest 14-CV-6449

This case challenges the validity of a "stranger-owned life insurance" (STOLI) issued by Lincoln Benefit Life Company ("LBL"). LBL commenced a declaratory judgment action in the district court in New Jersey seeking to have two of its life insurance policies declared invalid. AEI Life, LLC ("AEI"), which now owns one of the policies as beneficiary, filed an action in this court for a declaration of validity of the policy. 
A full bench trial was held on the question of whether New York or New Jersey substantive law applies. New York life insurance incontestability law renders void after two years any defense that a policy was invalid at its inception. Under New Jersey law, a policy may be voided at any time if fraud was committed in the policy application.
Using the "center of gravity" test, Judge Weinstein concluded that every contact of significance was with New York. The policy is therefore incontestable and enforceable under New York law. 
The equities favored the new beneficiary who purchased the policy for value.