Honaker v. Farmers Mutual Insurance Company

OPINION ON DEFENDANT PEOPLES’ MOTION FOR SUMMARY JUDGMENT

TAYLOR, Judge.

Plaintiffs obtained a mortgage loan on their property from defendant Peoples Bond and Mortgage Company [Peoples], The mortgage required plaintiffs to maintain insurance coverage on the property in an amount sufficient to cover the mortgage. In addition, the mortgage required plaintiffs to pay to Peoples monthly payments sufficient to pay the premium for the insurance coverage when the premium becomes due. The mortgage subsequently was assigned to Cortland Savings Bank [Cortland] but Peoples remained as the servicing agent…