Central National Bank & Trust Co. v. Simmer

Earl M. Travis, in March 1937, borrowed of plaintiff $2,000, and executed a chattel mortgage on certain office equipment. A new note for $2,475 was executed in Au gust 1937, and the old note taken up. The provision "in the mortgage was: “To keep * * * said property insured against loss by fire as mortgagee may direct, depositing the policies with mortgagee.” April 28, 1937, the insurance policy was issued to Earl M. Travis, covering the property described by the mortgage. Thereafter, on January 1, 1938, Earl M. Travis made an assignment .of his property for the benefit.of creditors, and…