Lucas County Bank of Toledo v. American Casualty Co.

Ward, Justice.

Involved here are the rights of a mortgagee to collect on an insurance policy covering an automobile.

Facts. One R. F. Wood gave a mortgage on his automobile to appellant bank in August, 1949, to secure a loan which was unpaid in the amount of $538.07 at the time this action was instituted. Wood moved from Ohio to Little Rock in the latter part of 1949, and on May 1st of 1950 he procured, at the request of appellant, a policy from appellee insuring his car against theft [and other liabilities]. The face of the policy contained the following clause: “(f) Loss payee: Any loss under…