Burritt Mutual Savings Bank v. Transamerica Insurance

This case concerns the liability of an insurance company under a mortgage loss payable clause after the mortgagee’s foreclosure on the insured property. The plaintiff mortgagee, Burritt Mutual Savings Bank, brought an action against the defendant, Transamerica Insurance Company, to recover $15,000, which was the amount of the adjusted value of the loss insured by the defendant. The defendant filed an answer, several special defenses, and a third-party complaint against three third-party defendants, Richard Y. Pizzuto, Ricky’s Restaurant, Inc., • and the Connecticut Bank and Trust Company. The…