Drake v. Leader National Insurance

McMurray, Presiding Judge.

On or about March 31,1977, L. C. Drake executed a loan receipt and automobile proof of loss forms in which he stated that he had received $1,087.41 in full satisfaction and discharge of all loss under a certain policy with his insurer, Leader National Insurance Company. Leader National Insurance Company issued a draft payable to Drake in the amount of $1,087.41 as a result of the claim. Upon receipt of the draft, Drake purchased an automobile from City Dodge and endorsed the said draft to them in payment of the purchase price of the automobile, taking possession of…