Drake v. Nickerson

A Bath man gave a Holmes note, equivalent in effect to a chattel mortgage, in partial payment for the purchase price of a *12truck. As a part of the same contract he promised that he would keep the truck insured for the payee’s benefit. His policies of insurance, in this respect and otherwise, were issued from the plaintiff’s agency, to which he continued to be indebted for the premiums.

In mortgaging his right to redeem from the Holmes note, as security for the payment of his note to a bank, no obligation to insure was incurred.

When the Holmes note had been substantially reduced in amount it was…