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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?
Good Hands Insurance, Inc. will pay the amount loss.
Expert answered|myx shasmeen|Points 70|
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Asked 9/23/2011 12:59:31 AM
Updated 9/24/2011 2:33:52 PM
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A claim can not be paid twice for the same incident or same property. The amount of the remaining mortgage will be paid to the First National Bank since they hold the mortgage. Any additonal amounts over and above the outstanding mortgage would go to the current owner of the property - Interstate Dist. Corp. The insurance policy still held by Eagle Sales Company is void since Eagle Sales no longer has any vested interest in the property. The policy should have been canceled.
Added 9/24/2011 2:33:52 PM
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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?
Added 9/24/2011 2:15:02 PM
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DO YOU HAVE MORE ON THIS
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any reference page of this
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Weegy: Metro Bank..Under the Personal Property Securities Act 1999 the general rule for priority of financing statements is outlined in Section 66 where: A perfected security interest has priority over an unperfected security interest in the same [ collateral Priority between perfected security interests in the same collateral (where perfection has been continuous) is determined by the party who perfected first (either by registration or ... (More)
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Weegy: The Hi Finance Company has the priority in the collateral because Agile Corporation signed a financing statement that describes the collateral, its inventory and proceeds, and HFC files the statement in the appropriate state office. User: any reference page i can find more on this Weegy: what kind of reference page do you need? User: Agile Corporation borrows $1 million from Hi Finance Company (HFC). Agile signs a financing ... (More)
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