Moran v. Kenai Towing and Salvage, Inc.

OPINION

CONNOR, Justice.

This appeal presents a dispute over the disposition of the proceeds from an insurance policy following a fire loss.

In 1968 Kenai Towing and Salvage, Inc., was the owner of certain improved real property in the vicinity of Kenai, Alaska. On the property was a building which had been erected by Kenai Towing & Salvage, Inc., at its own expense. The company was in financial difficulty. It approached Jack Moran for a loan. The parties agreed that as security for the loan Kenai would convey title to the real property to Moran, and Moran would then lease the property to Kenai…