St. Paul Fire & Marine Insurance v. Chas. H. Lilly Co.

The appellant, The Chas. H. Lilly Company, defendant below, rented a Scoopmobile from Air-Mac, Inc., on a month-to-month basis for five hundred fifty dollars a month. Appellant had paid four months’ réntal when the Scoopmobile was destroyed by fire on June 2, 1952. Appel*841lant had an option to purchase the Scoopmobile at base price of $5,105, plus tax, upon which would be applied all of the first month’s rental, ninety per cent of the second month’s rental, eighty per cent of the third month’s rental, and seventy per cent of the fourth month’s rental. The option was never exercised. The value…