American Central Insurance v. Lee

Hunstein, Justice.

The facts of this case are set forth in greater detail in Lee v. Am. Central Ins. Co., 243 Ga. App. 759 (530 SE2d 731) (2000). Appellee Lee purchased property in Bibb County and executed a deed to secure debt thereon in favor of Citizens Bank and Trust Company. The bank also held two promissory notes Lee subsequently executed which were secured by the deed to secure debt. In 1993 appellee K. Lee Enterprises, Inc., a corporation in which Lee was president and majority shareholder, leased the property to third parties who insured the property with a policy issued by American…