Phoenix Mutual Life Insurance Ex Rel. First National Bank v. Aetna Insurance

Special Justice Galvin

delivered the opinion of the Court.

This is a suit for the use of the holder of a promissory note secured by a deed of trust upon real estate to recover a loss sustained by a fire,, which destroyed one of the buildings situated upon the land. The bill is predicated upon a fire insurance policy covering the building, issued by the defendant to the maker of the note and deed of trust, with a mortgage clause attached making the loss payable to the mortgagee as the latter’s interest might appear. The defense is the failure of the holder of the note and the trustee under the…