First Bank of Whiting v. Grain Dealers Mutual Insurance

HOFFMAN, Judge.

Appellant First Bank of Whiting appeals a trial court judgment in favor of Grain Dealers Mutual Insurance. The facts indicate that on January 23, 1984 a fire damaged Parr Elevator’s grain inventory. First Bank held a security interest in Parr Elevator’s damaged inventory. Grain Dealers Mutual insured the grain inventory with a policy covering the period March 19, 1979 to March 19, 1984. Parr Elevator obtained the policy and was named loss payee on the policy. On February 16,1984, Grain Dealers Mutual issued an $80,000.00 settlement draft for the fire loss to Parr Elevator.…