Madison - St. Clair Record

Thursday, August 15, 2019

Family members in dispute over Aviston Lumber life insurance policy

Lawsuits

By John Breslin | Aug 8, 2019


BELLEVILLE -- A man is suing over a dispute involving an insurance policy among family members and their company.

The dispute centers on whether the plaintiff was to have received the proceeds from a life insurance policy without paying the premiums as part of the sale of stock in Aviston Lumber. 

Joseph Netemeyer filed suit in St. Clair County Circuit Court against Maurice Netemeyer, Aviston Lumber, and Joseph Timmerman. Timmerman is allegedly the individual who controlled the life insurance policy. A representative from Aviston Lumber was not available for comment.

According to the complaint, Joseph Netemeyer believed a purchase agreement signed in 2000 between Maurice Netemeyer and Aviston Lumber included a provision relating to the insurance policy of another family member. The plaintiff alleges the agreement allowed him to benefit from part of the policy and that he had been told that he was "released from any duty or obligation regarding payment" of its premiums. 

Joseph Netemeyer claims he later learned that the policy was allowed to lapse even though he agreed to the sale of stock on the basis he would benefit from the life insurance policy. 

He also alleges he sold his stock for less than it was worth on that same basis. 

As a result of the policy lapsing, Joseph Netemeyer claims he lost the proceeds of the insurance policy and has "suffered stress, anxiety, and vexation." 

The suit accuses Maurice Netemeyer of fraudulent concealment for not revealing that the purchase failed to include a binding provision related to the insurance policy and the benefit to Joseph Netemeyer.

As a result, the plaintiff claims he was falsely led to believe that he was a beneficiary and he could not have found out otherwise as the policy only lapsed in 2017. The plaintiff allegedly relied on Maurice Netemeyer that it was "codified" within the purchase agreement. The plaintiff also alleges breach of contract against the defendants for allowing the policy to lapse.

Timmerman is accused of breach of fidiciary duty.

Joseph Netemeyer is represented by attorney Grey Chatham of Chatham and Baricevic in Belleville.

St. Clair County Circuit Court Case number 19-L-453.

Want to get notified whenever we write about St. Clair County Circuit Court ?

Sign-up Next time we write about St. Clair County Circuit Court, we'll email you a link to the story. You may edit your settings or unsubscribe at any time.

Organizations in this Story

St. Clair County Circuit Court

More News