Michael E. Black Profit Sharing Plan v. Stephens

REYNOLDS, Senior Justice (Retired).

This appeal requires us to determine whether the trial court correctly held that lienholder Curtis Johnson, the named loss payee in a policy of fire insurance issued to Jack Alexander Stephens, was entitled to all the policy proceeds to the exclusion of hen-holder Michael E. Black Profit Sharing Plan (Black), with whose predecessor Stephens contracted to, but did not, name as a loss payee. Crediting the court with a correct holding, we will affirm.

To construct a house on property he was developing in a rural area of Randall County, Stephens secured four…