West Suburban Bank of Darien v. Badger Mutual Insurance Company

COFFEY, Circuit Judge.

The plaintiff-appellant, West Suburban Bank of Darien (“West Suburban”), sued the defendant-appellee, Badger Mutual Insurance Company (“Badger”), for recovery under the provisions of a fire insurance policy after fire destroyed a restaurant located in Bolingbrook, Illinois, insured by Badger. 1 West Suburban held two loans on the destroyed building and its contents: the first was secured with a mortgage on the property, and the second was secured through a collateral assignment of beneficial interest in a land trust which held title to the property. After the fire, and…