Simkins Industries, Inc. v. Lexington Insurance Co.

NESBITT, Judge.

Plaintiff-appellant Simkins Industries, Inc. (“Simkins”) appeals an order entering final summary judgment in favor of defendant-appellee Lexington Insurance Company (“Lexington”). At issue is Simkins’ entitlement to certain insurance proceeds.

Underlying this action are a series of loans from Simkins’ predecessor to WAK Limited, Inc. in a total amount of about $5.5 million. WAK executed a promissory note, mortgage, and security agreement in Simkins’ favor. The mortgage and security agreement granted Simkins a security interest in the Monte Carlo Hotel and the land underneath it,…