Cottrell v. Clark

Following submission of stipulated facts and briefs, the trial court ordered Citizens Mutual Insurance Company to pay plaintiff $24,006.86, an amount representing proceeds from a homeowners insurance policy, together with interest and costs. Citizens Mutual appeals as of right.

I

On September 14, 1964, Mabel Cottrell and her husband sold a residential home to Margaret and Harold Clark. The Clarks executed a mortgage in favor of Mount Clemens Savings Bank as security for a $20,000 loan. The Clarks executed a second mortgage in favor of the Cottrells as security for a $7,000 loan. The mortgage…