Andrews v. Miguel

The plaintiff owned land and buildings, subject to a mortgage to the defendant Miguel for $500. On July 28, 1934, the plaintiff conveyed the property to one Almeida in consideration of $200 and a mortgage note and mortgage for $2,800 thereon, running to the defendant Miguel, who discharged his earlier mortgage for $500. The defendant Miguel agreed in writing with the plaintiff that the plaintiff was entitled to $2,300 out of the proceeds of the mortgage note and mortgage, leaving the value of Miguel's beneficial interest at $500.

The buildings were covered to the amount of $2,500 by a policy…