Gillett v. Liverpool & London & Globe Insurance
Wisconsin Supreme Court
APPEAL from the Circuit Court for Marathon County. Action on a policy of insurance. Plaintiff held a mortgage on certain “real estate of M. A. Yoi’k & Co., a firm consisting of Mrs. M. A. York and her husband, Solomon. The mortgage was given by that firm to secure an indebtedness of $2,000, which still remains unpaid. The principal value of the mortgaged premises was in a saw-mill situated thereon, and certain machinery and fixtures therein.
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APPEAL from the Circuit Court for Marathon County. Action on a policy of insurance. Plaintiff held a mortgage on certain “real estate of M. A. Yoi’k & Co., a firm consisting of Mrs. M. A. York and her husband, Solomon. The mortgage was given by that firm to secure an indebtedness of $2,000, which still remains unpaid. The principal value of the mortgaged premises was in a saw-mill situated thereon, and certain machinery and fixtures therein. This mortgage contained a covenant by the mortgagors to keep the buildings on the mortgaged premises insured for at least $2,500, and to assign the…
1Opinion of the CourtLyoh, J.
To strengthen his security for the mortgage debt by an insurance upon the mortgaged property, two methods were open to the plaintiff. He might have taken a policy directly to himself, insuring his mortgage interest alone, if he could find an insurer willing to issue such a policy; or he could obtain a policy running to the mortgagors, stipulating that the loss, if any, should be paid to him as his interest should appear. Perhaps such a policy would not be an insurance of the mortgage interest, as such, but probably would cover such interest. Either mode would protect the plaintiff’s security…
2Cases cited3 opinions
- Pitney v. . Glen's Falls Insurance Co.New York Court of Appeals · 1875
- Continental Insurance v. CoxIllinois Supreme Court · 1879
- Westchester Fire Insurance v. FosterIllinois Supreme Court · 1878
3Cited by6 opinions
- Graham v. American Eagle Fire Ins. Co. Of New YorkCourt of Appeals for the Fourth Circuit · 1950
- Scania Insurance v. JohnsonSupreme Court of Colorado · 1896
- Meiswinkel v. St. Paul Fire & Marine InsuranceWisconsin Supreme Court · 1889
- Carberry v. German Insurance Co.Wisconsin Supreme Court · 1893
- Holbrook v. Baloise Fire InsuranceCalifornia Supreme Court · 1897
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