Merchants' Insurance Company v. Barton

Appellee, Phillips, a merchant of Camden, Arkansas, took out a policy of fire insurance with appellant on his stock of merchandise for $2,500, dated March '22, 1928. Thereafter on May 31, 1928, Phillips sold and assigned the insured property to appellee Barton, as trustee, and appellant’s agent, Benson, made the following indorsement on the policy: “The interest of Prank Phillips, as owner of the property insured under this policy, is hereby transferred to C. L. Barton, as trustee, purchaser, P. P. Benson, agent.” Barton took possession and employed Phillips and other salesmen to conduct the…