Ayres v. Hartford Fire Insurance
Supreme Court of Iowa
Appeal from Polk District Court ActioN on policy op insurance. On tbe lltb day of December, 1860, tbe defendant issued its policy, agreeing to insure the plaintiff, “John Ayres, for one year, against loss or damage by fire, to tbe amount of $3,000, on bis steam flouring mill and machinery, situate,” &c., “loss, if any, payable to B. F. Allen, Esq. (a judgment creditor of Vm. F. Ayres & Co.), to tbe entire amount of bis claim against Messrs. ¥m.
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Appeal from Polk District Court ActioN on policy op insurance. On tbe lltb day of December, 1860, tbe defendant issued its policy, agreeing to insure the plaintiff, “John Ayres, for one year, against loss or damage by fire, to tbe amount of $3,000, on bis steam flouring mill and machinery, situate,” &c., “loss, if any, payable to B. F. Allen, Esq. (a judgment creditor of Vm. F. Ayres & Co.), to tbe entire amount of bis claim against Messrs. ¥m. F. Ayres & Co., at tbe time such loss may occur, and tbe balance, after such claim is paid, payable to John Ayres.” A like insurance for $5,000, was…
1Opinion of the CourtDilloN, J.
The record and argument in this cause cover hundreds of pages. We will discuss the many questions arising, with all possible brevity consistent with clearness.
*1811. Insurance: insuravble interest. I. Assuming-that tbe plaintiff was tbe bolder, by assignment, from fm. 3?. Ayres, of Hall’s title-bond to tbe latter, it *s pla™ he bad an insurable interest in tbe pre-™ses at tbe time when tbe insurance was effected, December 10th, i860. Tbe debt to Hall, under tbe extension of time, was not then due. Valuable improvements bad been made upon tbe land by Win. F. Ayres, after tbe purchase from Hall. To…
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