Smith v. Canal Insurance Co.

Walter T. Cox, III, Acting Associate Justice:

Appellant Canal Insurance Company appeals from an order overruling its demurrer and denying its motion to strike respondent Holland Smith’s second cause of action. We affirm in part, reverse in part and remand.

By his first cause of action respondent made the following allegations.

*258On October 10, 1973, appellant issued a policy insuring respondent against theft of certain utility trailers based upon their full market value. Shortly thereafter Smith contracted with American Lease Plans, Inc. (American) for the lease-purchase of two additional…