Terraqua Corp. v. Emigrant Industrial Savings Bank

In this action for a declaratory judgment defendant moves for a dismissal of the complaint for failure to state sufficient facts. It appears that certain improved real property mortgaged to defendant has been substantially damaged by fire and remains in that condition. Defendant, as mortgagee, has collected the proceeds of the fire insurance which it applied in partial satisfaction against the unpaid principal balance of the mortgage.

Under the terms of the mortgage it is provided that “ All insurance policies covering said premises shall be endorsed so that loss thereunder shall be payable…