Bank of Picher v. Harris

Opinion by

STEPHENSON, O.

Tbe defendant executed and delivered bis promissory note to tbe plaintiff in tbe principal sum of $750, with interest at tbe rate of 10 per cent, per annum, and gave bis mortgage on certain real estate improvements to secure tbe payment. As a part of tbe original transaction, tbe defendant caused an insurance policy to be issued on the improvements, with a loss payable clause in favor of tbe plaintiff, and pledged tbe policy with tbe plaintiff as additional security. Tbe defendant made default in payment of tbe note and mortgage. Later the improvements were destroyed…