Walton v. GENERAL AMERICAN LIFE INSURANCE COMPANY

BARROW, Justice.

Appellants, Don H. Walton and wife, Patricia Fuller Walton, mortgagors, brought this suit against appellee, General American Life Insurance Company, mortgagee, to recover the amount paid by a casualty insurance carrier for windstorm damage on the home which had been sold by appellants to Billy Thomas and wife.

Appellants purchased the property in 1955, and in payment therefor gave mortgagee a note in the amount of $21,500, secured by a vendor’s lien and deed of trust. Appellants sold the property in. 1959 to Thomas, who expressly assumed payment of the original note and gave…