Banco Moves for Summary Judgment in $2.4 Million Reinsurance Action Filed by Pine Top Receivables

CHICAGO — Banco de Seguros del Estado has moved for summary judgment in an action in which Pine Top Receivables of Illinois (PTRIL) is seeking $2.26 million in reinsurance proceeds, arguing that the action is time-barred because it was filed 18 years after the receiver’s cause of action had accrued.

However, its opposition filed in the U.S. District Court for the Northern District of Illinois, PTRIL asserts that each of the account statements sent to Banco constitutes an “account stated” which, unless promptly objected to by Banco, reset the limitations clock. Because Banco failed to promptly object to the statements, …