Chestnut Corp. v. Bankers Bond & Mortgage Co.

Opinion by

Mr. Justice Bell,

This appeal involves the question of whether defendant mortgagee is entitled to a premium, when the mortgage is paid off in the premium period as the result of a fire.

Margaret Chapman was the owner of property known as premises 801-09 Chestnut Street, Philadelphia. On April 9, 1954, Margaret Chapman gave her bond and accompanying mortgage in the just principal sum of $300,000* payable in (approximately) 19 years in monthly instalments of $2,000.

*155On September 28, 1955 plaintiff corporation purchased the premises from Margaret Chapman subject to the above mentioned…