Ratcliff v. Smith

MOREMEN, Judge.

This action arose out of an accident which occurred on Route U. S. 60 near Grayson. The automobiles involved in the collision were operated by appellant Ratcliffe and appellee Smith. Ratcliffe was the insured under a deductible policy issued by the Calvert Fire Insurance Company. The damage to his car was approximately $2,250. He received from the insurance company the sum of $2,000 and signed a loan receipt which contained the following language:

“Received from the Calvert Fire Insurance Company (hereinafter referred to as ‘Company’) the amount shown above as a loan,…