Milwaukee Mechanics' Mutual Insurance v. Ketterlin

The facts necessary to be considered in giving our reasons for reversing this case may be briefly stated as follows: On November 12, 1883, plaintiff in error issued its policy of insurance to defendant in error Ketterlin for §1,200 on a two-story frame store-house on lots 1 and 2 in block 9 in the Town of Dieterich, for one year.

On the 27th of December, 1883, the other defendant in error, Swan Swanson, took a mortgage on the insured premises from Ketterlin and wife to secure the sum of §950 and thereupon plaintiff in error stipulated that the loss, if any, should be payable to said Swanson as…