Zurich American Insurance Co. v. Grimberg Fine Art

324 F. App’x 117 (2009)

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Zurich American Insurance Co. v. Grimberg Fine Art

United States Court of Appeals for the Second Circuit
324 F. App’x 117 (2009)

RW

Facts

Zurich American Insurance Company (Zurich) (plaintiff) insured the Grimberg Fine Art gallery (Grimberg) (defendant) and its collection. Grimberg sold and delivered a valuable painting to Michael Cohen, an art dealer and Grimberg’s longtime customer. In return, Cohen promised to deliver valuable artwork in his possession to Grimberg. Cohen disappeared without making good on his promise and was subsequently indicted for fraud. Zurich denied Grimberg’s claim for insurance coverage. Zurich sued for a declaratory judgment that, once Grimberg transferred the painting to Cohen, the painting was no longer Grimberg’s insurable property. Grimberg argued that Grimberg retained title to the painting because the painting’s transfer was voidable for fraud. The federal district court applied New York’s Uniform Commercial Code (UCC) and entered summary judgment for Zurich. Grimberg appealed to the Second Circuit.

Rule of Law

Issue

Holding and Reasoning (Per curiam)

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