The Saskatchewan Government Insurance Office v. E. P. Padgett and First National Bank in Waycross

JONES, Circuit Judge.

For an understanding of the questions presented by this appeal, a somewhat detailed recital of the facts is necessary. The appellee, E. P. Padgett, was the owner of the diesel shrimp boat Pompano Scout. On June 4, 1952, Padgett gave a mortgage on the boat to the appellee, the First National Bank in Way-cross, for the original principal sum of $6,500, which was reduced by July 14, 1954, when the boat burned, to $4,085.39, with interest from March 24, 1954. Padgett negotiated for insurance on the boat with Y. E. Hall, an insurance agent and broker at Fernandina Beach,…