Wharen v. Markle Banking & Trust Co.

Hibt, J.,

Opinion by

White Haven Knitting Company gave a mortgage to defendant Trust Company to secure a bond issue and, with the mortgage, delivered to this trustee certain policies of fire insurance each of which contained the following endorsement: “Loss, if any, on building only, payable to Markle Banking & Trust Company as interest may appear, subject, nevertheless, to all the conditions of this policy.” Thereafter in January 1929, the Knitting Company became insolvent and receivers, also named as defendants herein, were appointed by a U. S. District Court. On insolvency the receivers…