AMERUS LIFE INSURANCE COMPANY v. BANK OF AMERICA, N.A.
Insurer's conversion claim against bank--for honoring checks that were fraudulently endorsed by agent, thus subjecting insurer to potential liability on policies sold by agent even though insurer was unaware of the policies and received no premiums--was time-barred where brought more than three years after bank honored the checks. Discovery rule normally does not apply to conversion of instruments--and if it did, any cause of action necessarily accrued when bank negotiated the checks--because there could have been no conversion unless insurer was entitled to possess the checks at that time. Conversion claim was time barred. Judgment Affirmed.
Comments on AMERUS LIFE INSURANCE COMPANY v. BANK OF AMERICA, N.A.