Equilease Corp. v. Weathers

Littlejohn, Justice:

The facts, out of which the controversy involved in this appeal arises, are set forth in the agreed statement of fact which is, with minor deletions, as follows:

“The Appellants, Jerry F. Weathers (‘Weathers’) and James G. Ledford (‘Ledford’) on January 21, 1977, alleged that they did lease from the Plaintiff, Equilease Corporation (‘Equilease’) a 1977 Peterbilt Truck Tractor. On January *48021, 1977, an insurance policy was purchased from the Respondent, Kentucky Insurance Company (‘Kentucky’), naming Equilease as loss payee. . . .

“On December 17, 1977, the insured truck tractor…