Lewis v. McReavy
Washington Supreme Court
Appeal from Superior Court, Mason County. Action by Martin Lewis to recover from John McReavy the sum of §2,500, one-half of a policy of insurance which he had taken out upon a steamer, and had assigned under an alleged special contract to John McReavy, who held a note and mortgage on the steamer for §3,000, and asking the cancellation and surrender of said note. The steamer had burned, but payment of insurance had been resisted.
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Appeal from Superior Court, Mason County. Action by Martin Lewis to recover from John McReavy the sum of §2,500, one-half of a policy of insurance which he had taken out upon a steamer, and had assigned under an alleged special contract to John McReavy, who held a note and mortgage on the steamer for §3,000, and asking the cancellation and surrender of said note. The steamer had burned, but payment of insurance had been resisted. McKeavy subsequently compromised with the insurance company for §3,000, which sum he retained. Lewis claimed that, under the contract of assignment, he was to have…
1Opinion of the Court
The opinion of the court was delivered by
Hoyt, J.
Appellant made a mortgage to the respondent upon a certain steamer for the sum of §3,000, and agreed therein that he would procure a policy of insurance upon such steamer in the sum of §5,000, and assign it to the respondent as further collateral security. Such insurance policy was taken out in the name of the appellant, but was not assigned by him as required by the terms of the mortgage until after the destruction of the steamer. The company declined to pay the loss on various grounds, and thereafter the appellant duly assigned said policy to…
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