Paramount Fire Insurance v. Aetna Casualty & Surety Co.

This case is an appeal from a summary judgment. The question is one of first impression in Texas and involves the liability of two insurance companies, each issuing a policy covering improvements which were destroyed by fire.

On July 17, 1957, the heirs of Mrs. R. L. Cameron entered into a written agreement labeled “Contract of sale and receipt for earnest money”, whereby the seller (s) “sells and agrees to convey” and the purchaser (s), Mr. and Mrs. Sterling D. Holmes *252and Pauline Reece, “agrees to consummate the sale within fifteen days from date title company approves title” of a tract of…