Attleborough Sav. Bank v. Security Ins. Co.
| Decision Date | 06 March 1897 |
| Citation | 168 Mass. 147,46 N.E. 390 |
| Parties | ATTLEBOROUGH SAV. BANK v. SECURITY INS. CO |
| Court | United States State Supreme Judicial Court of Massachusetts Supreme Court |
Lesser, Fall & Fall, for plaintiff.
Crapo Clifford & Clifford, for defendant.
This is an action on a policy of insurance against loss by fire, in the Massachusetts standard form, issued to Emma A. Briggs and "payable, in case of loss, to Attleborough Savings Bank, mortgagee, as its interest shall appear." Among other things, the policy provides that it shall be void if without the assent of the company the property shall be sold and further that, "if this policy shall be made payable to a mortgagee of the insured real estate, no act or default of any person other than such mortgagee or his agents, or those claiming under him, shall affect such mortgagee's right to recover in case of loss on such real estate provided, that the mortgagee shall, on demand, pay according to the established scale of rates for any increase of risks not paid for by the insured; and whenever this company shall be liable to a mortgagee for any sum for loss under this policy, for which no liability exists as to the mortgagor or owner, and this company shall elect, by itself or with others, to pay the mortgagee the full amount secured by such mortgage, then the mortgagee shall assign and transfer to the company interested, upon such payment, the said mortgage, together with the note and debt thereby secured." When the policy was issued the plaintiff held a mortgage on the property insured for $1,500. At the date of the loss there was due on the mortgage $1,500, less the interest which had been paid. After the policy was issued the plaintiff took a second and a third mortgage on the property, from the same owner, for $1,000 and $500, respectively. The defendant had no notice of these subsequent mortgages until after the loss. At the time of the loss there was due on all three mortgages an amount exceeding $2,000. Before the loss the owner of the property sold it, without notice to the defendant, the deed reciting that the premises conveyed were subject to three mortgages to the Attleborough Savings Bank. On December 28, 1894, the plaintiff, without notice to the defendant, released from all three mortgages a part of the mortgaged property. On January 8, 1895, the defendant tendered to the plaintiff the sum of $1,500, and demanded an assignment of the first mortgage and the note for $1,500 which it secured. The plaintiff rejected the tender. The mortgagor having forfeited her insurance by a conveyance without notice to or the consent of the defendant, the question is as to the plaintiff's rights under...
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...of a reduction in the debt between the date of the policy and the date of the loss. Attleborough Savings Bank v. Security Insurance Co., 1897, 168 Mass. 147, 149, 46 N.E. 390, 60 Am.St.Rep. 373. And where a fund is provided for the benefit of persons holding debts of unequal amount and the ......
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...refers to a mortgage then in existence and does not cover any subsequent mortgage interest (Attleborough Savings Bank v. Security Insurance Co., 168 Mass. 147, 46 N.E. 390, 60 Am.St.Rep. 373); * * *." The Attleborough Savings Bank case unquestionably sustains this statement of the law. See,......
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...at the time the policy is executed and does not cover any subsequent mortgage interests. E.g. Attleborough Savings Bank v. Security Insurance Co., 168 Mass. 147, 46 N.E. 390 (1897); Westchester Fire Insurance Co. of New York v. Norfolk Building & Loan Assn., 14 F.2d 524, 525-26 (8th Cir.192......
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...refers to a mortgage then in existence and does not cover any subsequent mortgage interest (Attleborough Savings Bank v. Security Insurance Co., 168 Mass. 147, 46 N. E. 390, 60 Am. St. Rep. 373); also, a mortgagee's interest in the mortgaged property is entirely extinguished by foreclosure ......