Lumbermen's Mutual Ins. v. Wheeler

Paul Ward, Associate Justice.

On March 21, 1953, appellee, Arthur Wheeler, purchased a 1940 Chevrolet automobile from W. T. Matlock [also an appellee] for the purchase price of $225 on credit, with Matlock retaining title to the automobile. Also on said date the appellant insurance company issued its policy to Wheeler covering the actual value of the car with $50 deductible. This policy contained the following clause: “Loss Payee: Any loss hereunder is payable as interest may appear to the insured and W. T. Matlock. . . .”

On April 19, 1953, while the above mentioned policy was in force and…