First State Savings Bank v. National Fire Insurance

The purpose of this suit is to reform a tornado policy of insurance and to recover damages for the loss of a barn which by the terms of the policy were payable to the plaintiff as mortgagee.- At the time the policy was issued, the plaintiff’s mortgage was being foreclosed. The property covered was bid in by the mortgagee at the sheriff’s sale. As there was no redemption, the title became absolute in the plaintiff. A few days thereafter, a barn on the premises was destroyed by a windstorm. No proofs of loss were filed. The plaintiff gave notice of the loss to the defendant’s agent who had…