Reports of Cases at Law and in Equity; Argued and Determined in the Supreme Court of the State of Iowa Volume 33

Reports of Cases at Law and in Equity; Argued and Determined in the Supreme Court of the State of Iowa Volume 33

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1875 edition. Excerpt: ...is the company defrauded; the Phoenix Company has" not been, at least not in this respect. On what principle, then, of law or justice, can the policy of the Phoenix Company be held void, and that of the Hartford held valid? In my judgment, the Phoenix policy was not forfeited because of prior insurance (for there was none in fact), and the policy sued on was forfeited because of the prior insurance in the Phoenix Company, obtained by the assured, of which he failed to notify the defendant at the time he received its policy, or within a reasonable time thereafter. II. On the trial, defendant oifered evidence to show that, at the time the insurance was obtained, the property insured was covered by a chattel mortgage, which was refused. The evidence was for the purpose of showing that the con--dition of the policy, that the assured was "the sole and unconditional owner" of the property insured, was forfeited. The majority opinion holds that' the mortgagor of personal property, like the mortgagor ' of lands, is the "owner." Here I think the court has fallen into a very grave error as to the law. Without stopping to inquire into the rights of mortgagors at common law, it is suiticient to show that by our statute, "in the absence of stipulations to the contrary, the mortgagor of real property retains the legal title and right of possession thereof; but 2'/n the case ofpersonal prrgaertg the mortgagee holds that title and right." Here the statute confers the title and the right of possession on the mortgagee of chattels, the mortgagor having a naked equity of redemption, a mere right to defeat the title of the mortgagee by a performance of the conditions of the mortgage, and, on a failure to comply...show more

Product details

  • Paperback | 208 pages
  • 189 x 246 x 11mm | 381g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236790847
  • 9781236790842