Home Fire & Marine Insurance v. Pan American Petroleum Corp.

MOISE, Justice.

Plome Fire and Marine Insurance Company, hereinafter referred to as the “insurer” filed suit to recover amounts paid by it to Frank M. Late, Cactus Drilling Company, and Clarlc-Dale Drilling Company, hereinafter referred to as “insureds” under a policy of insurance against loss of a certain drilling rig and equipment by fire'. Upon receiving the amount of the loss the insureds executed two identical instruments denominated “loan receipt” the material portions of which read as follows:

“Received from the Home Fire and Marine Insurance Company, hereinafter referred to as…