First National Bank v. Neilsen

Citations

• 92 Wash. 84
• 159 P. 113
• 1916 Wash. LEXIS 753

Syllabus

<p>Pledges — Waiver—Election of Remedies. Where an insurance policy, pledged to a bank as collateral security for a loan, was surrendered to a receiver who collected the amount due on the policy, the bank, by seeking to garnishee the fund, makes an election of remedies and waives its equitable lien under the pledge of the policy.</p> <p>Garnishment — Property Subject — Title of Debtor. Where a mortgagor had agreed that the property should be insured, with loss if any payable to the mortgagee as its interest might appear, a creditor of the mortgagor could not garnishee the fund collected on the policy, as the garnishee could obtain no better right than the mortgagor had.</p>