Globe & Rutgers Fire Insurance v. United States

RUSSELL, Circuit Judge.

At the time of a fire which destroyed its-cotton gin and cottonseed warehouse and contents, McCoy Gin Company, Inc., was-insured against its own loss by six certain fire insurance policies. It has been compensated for such' loss by the insurers. However, in this fire there was also destroyed a quantity of cottonseed which had been bought by, and was in the custody of,, the gin company on behalf of the Commodity Credit Corporation under a contract which such Corporation had proposed and made in carrying out the cottonseed price support program of 1949. The United States…