Roylance v. Citizens Savings Bank

Opinion by

Mr. Justice Moore.

We will refer to the parties as follows: Plaintiffs in error as Underwriters, and defendant in error as the bank. The action was commenced by the bank upon a claim for money allegedly due under a mortgagee’s “loss payable” clause of an insurance policy issued by Underwriters.

It was alleged in the complaint that on July 16, 1958, Ferd P. Kline owned a 1955 Mack Diesel Tractor and that on August 20, 1958, plaintiff had a chattel mortgage on it securing a note on which, as of March 8, 1959, the sum of $7,875 was due and owing; that Underwriters on or about July 16,…