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TRAVELERS CAS. & SURETY COMPANY OF AMERICA v. NORTHWESTERN MUT. LIFE INS

No. 05-4134.

480 F.3d 499 (2007)

TRAVELERS CASUALTY & SURETY COMPANY OF AMERICA, INC., Plaintiff-Appellant, v. NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY and Merrill Lynch, Pierce, Fenner & Smith Inc., Defendants-Appellees.

United States Court of Appeals, Seventh Circuit.

Decided March 13, 2007.

Attorney(s) appearing for the Case

James A. Knox, Jr. (argued), Tressler, Soderstrom, Maloney & Priess, Chicago, IL, for Plaintiff-Appellant.

Michael D. Richman, James A. Rolfes (argued), Sachnoff & Weaver, Chicago, IL, for Defendant-Appellee, Northwestern Mutual Life Ins. Co.

John S. Monical (argued), Lawrence, Kamin, Saunders & Uhlenhop, Chicago, IL, for Defendant-Appellee, Merrill Lynch, Pierce, Fenner & Smith, Inc.

Before POSNER, RIPPLE, and WOOD, Circuit Judges.

POSNER, Circuit Judge.

Kenneth Zahner was the chief financial officer of a company named Volwood. He wrote checks on Volwood's bank account payable to Northwestern Mutual and to Merrill Lynch, but directed Northwestern to use the money to buy him a life insurance policy and Merrill Lynch to deposit the money in his personal account with Merrill Lynch. Volwood owed no money to either defendant; nor had it authorized Zahner to transfer these corporate funds to himself...

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