The Buffalo Steam Engine Works v. . the Sun Mut. Ins. Co.
New York Court of Appeals
Appeal from the Superior Court of Buffalo. Action on a marine policy tried before Mr. Justice Verplanck, a jury . being waived. Erastus Crooker was the owner of the steamboat Garden City. He was indebted to The.
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Appeal from the Superior Court of Buffalo. Action on a marine policy tried before Mr. Justice Verplanck, a jury . being waived. Erastus Crooker was the owner of the steamboat Garden City. He was indebted to The. Buffalo Steam Engine Works, the plaintiff in the action, in the sum of $16,000, for the engine and boilers of the boat, and was bound by contract to secure the debt by a mortgage of the boat, and by procuring and assigning to the plaintiff as a further collateral security a marine policy or policies. On the 22d June, 1853, Crooker obtained from the defendant, who had at the time…
1Opinion of the CourtPeatt, J.
The objection that Crooker, the assured, had at the time of the loss, ceased to have any insurable interest in the insured property, cannot be sustained.. He still held the equity of redemption. Of this he was not absolutely divested even after forfeiture of the condition of the second mortgage. The pretended foreclosure and sale could have no effect to divest him of that interest. It was not a judicial sale, but simply an attempt to sell by virtue of the power of sale contained in the mortgage. The mortgagee, therefore, becoming himself the purchaser, acquired no additional title by the…
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