New York Central Employees Albany District Federal Credit Union No. 5119 v. Commercial Credit Co.

This is an action to recover the sum of $1,413.50 pursuant to a loss payable clause contained in a policy of automobile insurance issued by the defendant to one> John *875Akin, the insured. The pertinent facts herein have been stipulated by the parties as follows:

On February 27, 1957, defendant issued a policy of insurance covering a 1957 De Soto automobile to one, John Akin, which policy contained a loss payable clause in favor of the plaintiff. On April 4, 1957, Akin executed a note and chattel mortgage to the plaintiff. On April 18, 1957, defendant, by its agent, one Emil MacKay, duly mailed…