Northwestern Fire & Marine Insurance v. New York Life Insurance

Opinion op the Court by

June® Rees

Affirming.

On June 24,1924, Herbert Turner and wife borrowed from the appellee, New York Life Insurance Company, *230$5,500, and executed and delivered to it a mortgage on their farm to secure the payment of notes aggregating that amount executed by them as evidence of their indebtedness to the insurance company. By the third paragraph of the mortgage the Turners agreed:

“To keep the buildings on said premises insured in some fire insurance company, approved by the mortgagee, for the insurable value thereof, with the mortgagee’s regular subrogation clause attached,…