Eagle Sales Company owns a warehouse, subject to a mortgage obtained from First National Bank. Separately, Eagle and First Natio

Asked about 1 year ago - Fort Pierce, FL

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?

Attorney answers (3)

  1. Earl Kenneth Mallory

    Pro

    Contributor Level 16

    2

    Lawyers agree

    Answered . Nice try. Law school is tough, but you have to do your own work. Hit the books.

  2. Richard Paul Zaretsky

    Pro

    Contributor Level 14

    Answered . Sounds like a law school question. Is there an insurable interest held by Eagle Sales Company? If not, no recovery as the insurance company is only covering for damages. No damages no recovery.

    This advice is not specific and is generic in nature and as such should not be relied upon unless given by an... more
  3. Edward Brandon Beckham

    Contributor Level 14

    1

    Lawyer agrees

    Answered . Sounds like a law school exam question; where is my Bluebook?

    It sounds like you have a very specific legal problem. The answers in this forum can only provide you general information; none can really address the specifics of your case. You should consult with an experienced attorney, licensed in your jurisdiction, about the specific facts and details of the case. A skilled attorney in your jurisdiction will know which questions to ask you about your situation in order to assist you with making an appropriate determination regarding your situation. Once you've met with a local lawyer about your case the case you should be better able to make an informed decision regarding your issue. Many lawyers, in a majority of jurisdictions, provide free initial consultations; see if there are any in your area.

    This is not legal advice. This response is provided for general information only, as a public service. It is not... more

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