Binder v. Northern Assurance Co.

Pee Curiam.

The mortgagee is entitled to recover on the facts presented. The insurance company admits the loss and has paid the money into court. The mortgagee clause in the policy created an independent contract of insurance for the separate benefit of the mortgagee. (Goldstein v. National Liberty Ins. Co., 256 N. Y. 26.) The only question involved is whether the mortgagee or the mortgagor’s receiver is entitled to recover. Whatever might be the rule applicable if it was clearly established that the premises had been entirely restored by the mortgagor to their former condition (See Matter of…