Pace v. Colonial Penn Insurance Co.

L. CHARLES WRIGHT, Retired Appellate Judge.

This is an appeal from a summary judgment. The relevant facts are as follows:

On July 1, 1991, Greg and Jeannette Roili-son purchased five acres of land, a house, and a barn from James and Sandra Pace. As part of the purchase, the Rollisons executed a vendor’s lien, naming the Paces as lienhold-ers. The purchase price of $100,000 was to be paid through a down payment, plus monthly installments of $945.74. Pursuant to the terms of the lien, the Rollisons obtained fire insurance through Colonial Penn Insurance Company, which listed the Paces as the…