SAN FRANCISCO It seems quixotic. Two Latham & Watkins attorneys argue that the California Supreme Court made a big mistake just nine years ago when it issued Henkel v. Hartford Accident & Indemnity, on the transfer of insurance policy assets when businesses are sold. The lawyers argue that the high court overlooked an obscure 140-year-old statute that controls the question.
Last summer the Fourth District Court of Appeal ridiculed the notion. “If the rule of law in Henkel is to be vitiated, the Legislature in the 21st century, not the Legislature in the 19th century, must do it,” Justice Raymond Ikola wrote for a unanimous panel.
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