Van Arsdale-Osborne Brokerage Co. v. Martin

Citations

• 81 Kan. 499
• 106 P. 42
• 1910 Kan. LEXIS 380

Syllabus

<p>SYLLABUS BY THE COURT.</p> <p>Counterclaim and Set-off — Loss Sustained by Insured — Action on Note and Mortgage Given to Agent for Premium. A promissory note executed to the general agents of an insurance company recited that it was given in payment of the premium on a policy of insurance against loss from hail to a crop of wheat, and contained a mortgage giving to the payees a lien on the wheat to secure the note. The mortgage provisions contained the' following clause: “In case of loss under the above-named policy of insurance, the debt hereby secured shall at once become due, and shall be deducted from said loss.” Held, that the rights of the parties under this clause were mutual, and in an action on the note the insured could oifset against it the amount of loss under the policy.</p>