Hane v. Hallock Farmers Mutual Insurance Co.

TODD, Justice.

James Hane purchased a farm from Paul Fish in December 1969 under a contract for deed. Pursuant to the contract, Hane procured fire insurance on the house and buildings, in addition to insurance covering his personal property. On April 17, 1972, due to financial reverses and a pending cancellation of the contract for deed for nonpayment, Hane assigned his vendee’s interest in the contract to Walter Braget in exchange for Braget’s making a payment to Fish under the contract. At the same time, an informal understanding was apparently reached allowing Hane to participate in the…