Townsend v. First Federal Savings & Loan Ass'n

BROWN, J.:

Appellants filed a bill in the court below for a declaratory decree of the right of appellants as mortgagors to furnish fire insurance and the duty of appellee, as mortgagee, to accept such insurance, under a clause in a mortgage .which required the mortgagors to keep the buildings on the mortgaged property insured in a sum not less than a named amount, “in a good and responsible insurance company satisfactory to said” mortgagee. That appellants had tendered to appellee a policy in the required amount issued by a company qualified to do business in this state and one which the lower…