Capital Mortgage Corp. v. Michigan Basic Property Insurance

Plaintiff instituted this action to recover the proceeds of a fire insurance policy covering a residential home in the City of Detroit. Summary judgment was entered in favor of defendant, Michigan Basic Property Insurance Association, on the basis that, as a matter of law, plaintiff did not have an insurable interest in the subject property and also on the ground that plaintiff was not a real party in interest.* 1 See GCR 1963, 201.2. 2

Plaintiff became mortgagee on the subject property on December 30, 1971. It assigned the mortgage to the Federal National Mortgage Association (FNMA) on the…