Ellis-Jones Drug Co. v. Home Ins. Co.

The complainant herein procured from defendant insurance company a policy' of fire insurance known as a “Merchandise Floater Open Policy” on February 25, 1924. Complainant was a wholesale dealer in Memphis and sold soda fountains, fixtures, etc., upon a deferred payment plan, retaining a lien or title to secure itself. Upon sale of any such articles on said terms, the complainant would send to defendant a notice or “record of entry,” describing the property sold and its value, and upon receipt of such notice, under the terms of the policy, defendant assumed liability for loss by fire of the…