Fidelity & Guaranty Ins. Corp. v. Super-Cold Southwest Co.

STOKES, Justice.

On February 24, 1947, Fred A. Trammell purchased from appellee, Super-Cold Southwest Company, certain meat market equipment for which he paid to appellee $259.20 in cash and executed a promissory note in the sum of $2090.13. To secure payment of the note Trammell executed and delivered to appellee a chattel mortgage in which, among other things, Trammell agreed to maintain fire insurance for the protection of appellee’s interest. It was further provided that, if he failed to procure the insurance, he would pay the premium therefor on demand, which should also be secured by the…