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Paraphrase creditor rights, remedies, and insurance as a component of risk management.?

Discuss anything to do with property law - buying, selling property

Paraphrase creditor rights, remedies, and insurance as a component of risk management.?

Postby philibert63 » Tue Mar 06, 2012 8:01 am

Eagle Sales Company owns a warehouse, subject to a mortgage obtained from First National Bank. Separately, Eagle and First National obtain insurance policies from Good Hands Insurance, Inc., to cover the warehouse. Later, Eagle sells the property to Interstate Distribution Corporation but keeps the insurance policy. First National agrees to act as Interstate's mortgagee, and Interstate obtains an insurance policy from Good Hands to cover the property. A fire totally destroys the warehouse.

Who can recover an amount for its loss?
philibert63
 
Posts: 18
Joined: Thu Mar 31, 2011 11:26 pm

Paraphrase creditor rights, remedies, and insurance as a component of risk management.?

Postby webb » Tue Mar 06, 2012 8:05 am

Interstate and their lender can collect under the interstate policy up to their interest amounts.

Eagle has no insurable interest any more.
webb
 
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Joined: Thu Mar 31, 2011 8:50 am


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