Royal Exchange Assur. of London v. Thomas

Opinion of the Court by

Creal, Commissioner

Reversing.

On April 22, 1927, Elijah Thomas and his four sons executed and delivered a mortgage on two small tracts of land in Woodford county to the Louisville Title Company, as trustee, to secure an indebtedness of $2,800 evidenced by mortgage bonds. Elijah Thomas owned one of the tracts individually and he and his sons owned the other jointly. It was provided in the mortgage that the mortgagors should keep the buildings on the property insured' with the loss clause in the policy in favor of the mortgagee and upon their failure to do so the mortgagee…