People's Fire Insurance v. Gorham
Supreme Court of Arkansas
Appeal from Plempstead Circuit Court; Joel D. Conway, ■ Judge; 1. Appellees warranted that the stock was “new stock,” of the cash value of $1,600. The evidence shows it was an old bankrupt stock, worth not more than $400. Goods are to be estimated at their market value without reference to their cost, the fair cash value in the market. 2 May on Ins. § 424, and cases cited; 11 L. C. 170; 74 N. C. 89; 71 N. C. 121. Parties are bound by their contract and their warranties. 72…
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Appeal from Plempstead Circuit Court; Joel D. Conway, ■ Judge; 1. Appellees warranted that the stock was “new stock,” of the cash value of $1,600. The evidence shows it was an old bankrupt stock, worth not more than $400. Goods are to be estimated at their market value without reference to their cost, the fair cash value in the market. 2 May on Ins. § 424, and cases cited; 11 L. C. 170; 74 N. C. 89; 71 N. C. 121. Parties are bound by their contract and their warranties. 72 Ark. 484, 490; 2 May on Ins. § 374; 66 N. C. 70. Any wilfully false statement as to value avoids the policy. 75 Ark. 251.…
1Opinion of the CourtBattle, J.
Dully Gorham & Company owned a stock of merchandise, on which they, held a policy of fire insurance, which was executed to them by “The People’s Fire Insurance Association of Arkansas.” During the life of the policy, on the 22d day of January, 1904, the stock was destroyed’by fire, and this action was brought by the insured against the insurer to recover the promised indemnity of $1,200. The plaintiff, in a trial before a jury, recovered a verdict and judgment against the defendant for $1,166; and the defendant appealed.
Appellant’s defenses against the action were, substantially, as…
2Cited by6 opinions
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