Catawba Valley MacHinery Co. v. Aetna Insurance Co.

GRAHAM, Judge.

The first question presented by this appeal is whether, at the time the machines were damaged, they were being held in trust by the insured within the meaning of paragraph 2 of the policy which includes among the property covered, “property of the Insured, or held by them in trust. ...”

We think this question must necessarily be answered in the affirmative. It is universally held that the words “held in trust,” when used in a policy of insurance, are not to be taken in their technical sense so as to limit coverage to cases where title to property is vested in a trustee, but are…