Jackson Building & Loan Ass'n v. Svea Fire & Life Ins.

The residence of E. W. Bice, mortgaged to Jackson Building & Loan Association, was destroyed by fire January 2, 1933. Bice’s deed of trust of August 30, 1928, required him to keep the property insured for the benefit of the Association and upon his failure to observe that requirement that the Association should procure insurance at Bice’s expense. When the deed of trust was executed, the property was insured under a policy that expired January 15, 1930. On that date, January 15, 1930, Mr. Baldridge, secretary for the Association, insured the property for $1,500 with the Svea Fire & Life…