Stockton National Bank v. Home Insurance

Citations

• 106 Kan. 789
• 189 P. 913
• 11 A.L.R. 1304
• 1920 Kan. LEXIS 654

Syllabus

<p>SYLLABUS BY THE COURT.</p> <p>Fire Insurance — Money Payable to Mortgagee — Rights of Purchaser at Foreclosure Sale. Where property is insured by the mortgagor for his own benefit with a loss-payable clause in favor of the mortgagee, and the mortgagor defaults and the property is sold under foreclosure proceedings, and during the redemption period the property is destroyed by fire, it is held, that the purchaser of the property at the foreclosure sale cannot maintain an action against the insurance company to recover the insurance, and that he has no claim to the proceeds of such insurance on the theory of assignment or subrogation or otherwise.</p>