Union Central Life Insurance v. Iowa Mutual Insurance

The fire insurance policy involved in this action was issued by the defendant company in March, 1927, covering certain buildings and personal property of one S. J. Pritchard. There was attached to said policy a clause making any loss occurring thereunder payable to the Union Central Life Insurance Company, plaintiff-appellant, mortgagee, as its interest may appear. The appellant held a mortgage upon the real estate on which the insured buildings were situated, securing a loan of $25,000. A loss occurred which was adjusted, and the insurance company, appellee, admitted liability under the…