Rogers v. Trader's Insurance

Citations

• 6 Paige Ch. 583

Syllabus

<p>Where the agents for the proprietors of a steam boat effected an insurance upon the boat for the benefit and on account of whomsoever it might concern at the time of loss, if any should occur ; Held, that a mortgagee of the interest of one who was an owner at the time of the insurance and for whose benefit the policy was underwritten, had a right to the mortgagor’s portion of the insurance money, to the extent of the debt secured by the mortgage.</p> <p>Where the underwriter means to rely upon the insufficiency of the preliminary proofs, the objection must be distinctly made; and if he puts his refusal to pay upon other grounds, without any suggestion that the preliminary proofs are insufficient, the objection to the sufficiency of such proofs will be considered as waived.</p> <p>A mortgagor of personal property who has mortgaged the same for its full value, is not a necessary party to a bill filed by the mortgagee against the underwriters to recover upon a policy insuring such property on account of whoever it might concern as owner at the time of loss ; the mortgagee then being the legal owner of the property.</p> <p>Where the mortgagee of a steam-boat, who had taken the mortgage as surety for the payment of a note endorsed by him, was compelled to pay the note when it became due, and to save the credit of the drawers he gave them his check to take up the note instead of suffering it to be protested ; Held, that the debt for which the mortgage was given was no extinguished, and that the mortgage still remained a valid lien upon the boat for the security of the amount due the mortgagee.</p> <p>If the testimony in a cause is equally balanced, the party who holds the affirmative as to the disputed fact to which such testimony relates, must fail.</p> <p>Where the agent of the original owner of property effects an insurance thereon for the account of whoever it may concern at the time of loss, and-by the terms of the policy the insurance money, in case of loss, is m