Legal Opinion
Whitestone Savings & Loan Ass'n v. Allstate Insurance
New York Court of Appeals
Decided April 21, 1971PublishedCited by 105 opinions
1Opinion of the CourtBreitel, J.
The issue, on summary judgment, is whether a mortgagee who bid in the full amount of the secured debt at the foreclosure sale in order to obtain the mortgaged property, retains any insurable interest entitling it to sue on a fire insurance policy under a mortgagee loss payable clause. The answer by well-settled precedents in this State and • elsewhere in the Nation is a unanimous negative, based on the legal and practical considerations which dictate that the owner-mortgagor, or *334subsequent lienors, if anyone, and not the mortgagee under a discharged mortgage are entitled to recover for the…
2Cases cited10 opinions
- Savarese v. Ohio Farmers Insurance Co. of LeroyNew York Court of Appeals · 1932
- Pauline Rosenbaum v. John Funcannon, as Administrator of the Estate of Martha A. Call, DeceasedCourt of Appeals for the Ninth Circuit · 1962
- Northwestern National Insurance Co. v. MildenbergerMissouri Court of Appeals · 1962
- Reynolds v. London & Lancashire Fire Insurance Co.California Supreme Court · 1900
- Power Building & Loan Ass'n v. Ajax Fire InsuranceSupreme Court of New Jersey · 1933
5 more not listed; retrieve them via the Exa API.
3Cited by105 opinions
- Bank of America Na v. First American Title Insurance CompanyMichigan Supreme Court · 2016
- Calvert Fire Insurance Company v. Environs Development Corporation, Pringle Associated Mortgage Corporation, Calvert Fire Insurance Company v. Environs Development Corporation, Pringle Associated Mortgage Corporation, O'Neal Construction Co., Movant-AppellantCourt of Appeals for the Fifth Circuit · 1979
- Grady v. Utica Mutual InsuranceAppellate Division of the Supreme Court of the State of New York · 1979
- Freedom Mortgage Corp. v. Burnham Mortgage, Inc.District Court, N.D. Illinois · 2010
- New Freedom Mortgage Corp. v. Globe Mortgage Corp.Michigan Court of Appeals · 2008
100 more not listed; retrieve them via the Exa API.