American Eagle, C., Co. v. Grant B. L. Assn.

The defendant held a $16,000 building and loan mortgage on the property of one Rosmondi. The complainant, an insurance company, insured Rosmondi against loss by fire, primarily payable to the defendant as mortgagee; the policies contained the standard mortgage clause. Rosmondi set fire to the building in 1925, and the fire insurance company, denying liability to him, paid the loss, $3,050.16, to the mortgagee; and the insurance company claiming to be subrogated pro tanto to the mortgage security, the mortgagee assigned it to an undivided interest in the mortgage to the extent of $3,050.16;…