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VIRGINIA COMMERCE BANK v. DAVID T. BUCKINGHAM, ET AL.

On May 23, 2012, in the Circuit Court for Montgomery County, David Buckingham (“David”), individually, in his capacity as guardian for his father, John Buckingham, Sr. (“John”), and in his capacity as trustee of the Buckingham Family Trust (“the Family Trust”); two of David’s siblings, Richard Buckingham (“Richard”) and Susan Buckingham (“Susan”), individually, in their capacities as trustees of the Family Trust, and as beneficiaries of two insurance policies; and the Family Trust brought suit against Virginia Commerce Bank (“the Bank”), Northwestern Mutual Life Insurance Company (“Northwestern”), and two other siblings, J. Daniel Buckingham, Jr. (“Daniel”), and Thomas Buckingham (“Thomas”). The gravamen of the complaint, which set forth 19 counts, was that the Bank, Daniel, and Thomas had conspired to obtain assignments of certain whole life insurance policies issued by Northwestern on John’s life (and, with respect to one policy, on the life of his late wife), in exchange for the Bank’s agreement to forbear on enforcement of certain loans extended to a company owned by John and Thomas and run by John, Thomas, and Daniel, at a time when the Bank had actual notice that John lacked the legal capacity to enter into the loan forbearance agreement.

Read the full opinion here.