Phenix Ins. v. First National Bank
Supreme Court of Virginia
Argued at Staunton, decided at Richmond. Appeal from decree of circuit court of Rockingham county, rendered June 30th, 1887, in the chancery cause therein pending, in which the Phenix Insurance Company of New York, the Fire Association of Philadelphia, and the Hope Insurance Company of New Orleans were complainants, and the First National Bank of Harrisonburg, Virginia, was defendant.
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Argued at Staunton, decided at Richmond. Appeal from decree of circuit court of Rockingham county, rendered June 30th, 1887, in the chancery cause therein pending, in which the Phenix Insurance Company of New York, the Fire Association of Philadelphia, and the Hope Insurance Company of New Orleans were complainants, and the First National Bank of Harrisonburg, Virginia, was defendant. A corporation, styled the New Rawley Springs Company, issued its bonds to the amount of $30,000, dated July 12th, 1879, with coupons for semi-annual interest, and executed a trust deed to secure payment thereof.…
1Opinion of the CourtRichardson, J.
(after stating the case), delivered the opinion of the court.
We have had no hesitancy in coming to the conclusion that the decree complained of is without error, either on principle or authority. The case involves only one single question: Does an insurer, who has paid a loss to a mortgagee that covers only a part of the mortgage debt, acquire as against the mortgagee a right to demand and take from the mortgagee the evidences of the debt secured to the amount of the loss paid by the insurer, whether the mortgagee he able or not to obtain satisfaction of his debt from the remaining evidences…
2Cases cited2 opinions
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- Stuyvesant Insurance v. ReidSupreme Court of North Carolina · 1916
- Oregon Mortgage Co. v. Hartford Fire InsuranceWashington Supreme Court · 1922
- Baker v. Monumental Savings & Loan Ass'nWest Virginia Supreme Court · 1905
- First Federal Savings & Loan Ass'n v. Hartford Fire InsuranceNew Jersey Superior Court Appellate Division · 1968
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