Nichols v. Baxter Others
Supreme Court of Rhode Island
Motion for a special injunction. On the 27th day of March, 1857, the complainant, Nichols, loaned to the defendant, Baxter, the sum of $350, and received from him therefor his promissory note of that date, for the same sum, payable one year after date, with interest payable semi-annually; said note being secured by a mortgage given by Baxter, with a power of sale, upon two lots of land, with a small dwelling-house thereon, situated in North Providence.
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Motion for a special injunction. On the 27th day of March, 1857, the complainant, Nichols, loaned to the defendant, Baxter, the sum of $350, and received from him therefor his promissory note of that date, for the same sum, payable one year after date, with interest payable semi-annually; said note being secured by a mortgage given by Baxter, with a power of sale, upon two lots of land, with a small dwelling-house thereon, situated in North Providence. The condition of the mortgage was, that if the grantor should repay the loan, “ and, until such payment, keep the buildings standing on the…
1Opinion of the CourtAmes, C. J.
A mortgagee of property, real or personal, merely as such, has no interest in or claim to a policy of insurance effected by the mortgagor upon the property mortgaged for his own benefit. Each has an insurable interest in such property, and may protect himself against loss by his own contract of insurance. It is obvious, however, that such separate and disconnected action on the part of those interested in the same insurable subject, tending as it does to over-insurance and double premiums, is both difficult and expensive ; and accordingly, the insurance of mortgaged property is ordinarily…
2Cited by4 opinions
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- Rhode Island Joint Reinsurance Association v. Kevin O'SullivanSupreme Court of Rhode Island · 2014