Newcort Financial, Inc. v. Canal Insurance Co.

Judith Rogers, Judge.

The appellant, Newcourt Financial, Inc., is a financial institution that loaned money to Mike Fisher for the purchase of a commercial truck. The truck was insured by appellee, Canal Insurance Co. The insurance policy named appellant as a payee under the policy and specified that appellant’s interest “shall not be invalidated by an act or neglect” of Fisher. Less than a year after Fisher purchased the truck, it overturned on 1-40 in Oklahoma and burned. Appellee accused Fisher of arson and refused to pay on the policy. Appellee filed an action for declaratory judgment in…