Commercial Standard Ins. Co. v. First State Bank of Vernon

JACKSON, Chief Justice.

The record shows that on June 9, 1938 A. H. Smith executed his promissory note’ for the sum of $351, payable to the First State Bank of Vernon, Texas, or order in twelve equal monthly installments of $29.25 each, and of even date therewith executed a chattel mortgage on a 1937 Ford V-8 truck to secure the payment of the note. On September 19, 1938 the Commercial Standard Insurance Company in consideration of the payment of a premium of $30.15 issued and delivered to A. H. Smith its policy on the truck insuring him against loss by fire in the sum of $350 for the period…