Giberson v. First Federal Savings & Loan Ass'n of Waterloo

McCORMICK, Justice.

Plaintiffs Elwood C. and Marjorie H. Gi-berson own residential property in Cedar Falls subject to a mortgage to defendant First Federal Savings and Loan Association of Waterloo, Iowa. The property was damaged by fire, and the insurer issued a check payable to plaintiffs and defendant jointly. Plaintiffs initiated the present declaratory judgment action in equity seeking to establish their right to use the money to repair the property. By counterclaim defendant asserted its right to use the money in payment of the loan on the premises. Plaintiffs filed a motion for summary…