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IN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF MARYLAND : FIRST UNION NATIONAL BANK : v. : Civil Action No. DKC 2000-1956 : NEW YORK LIFE INSURANCE AND ANNUITY CORP. :

MEMORANDUM OPINION Plaintiff, First Union National Bank ("First Union")1 has filed a summary judgment motion in its conversion and breach of contract action against New York Life Insurance and Annuity Corporation ("New York Life"). summary judgment motion against New York Life has filed a the Third Party Defendant,

Horace G. Baldwin, in the event that the company is found liable to First Union. The issues are fully briefed, and no hearing is Local Rule 105.6. For the following reasons,

deemed necessary.

these motions shall be denied. I. Background On Baldwin. July 17, 1997, First Union loaned $500,000 to Mr.

Repayment of the loan was secured by, among other annuity account,

things, a security interest in a variable

number 57-011193 (the "Account"), in Mr. Baldwin's name that he

First Union is the successor by merger to Signet Bank. Aff. of Thomas Cooper,

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Maryland Law