Time Finance Corporation v. Johnson Trucking Co.

CALLISTER, Justice:

Plaintiff, Time Finance Corporation, initiated this action to recover the proceeds of an insurance policy covering a collision loss from Occidental Fire and Casualty Company, the insurer. The insured, Johnson Trucking Company, by its President, William D. Maxwell, had assigned all right, title and interest to the proceeds of its insurance claim against its insurer to Time Finance on April S, 1966, to secure further a promissory note of the same date.

Prior to the execution of the assignment, Maxwell informed Time Finance that he would shortly receive the insurance proceeds…