Quantcast
Home / Courts / Insurance – Fire – Application Misrepresentations – Inspection Results – Real Property – Mortgages – First Impression – Bank as Mortgagee & Loss Payee (access required)

Insurance – Fire – Application Misrepresentations – Inspection Results – Real Property – Mortgages – First Impression – Bank as Mortgagee & Loss Payee (access required)

Colony Insurance Co. v. Peterson A separate agreement existed between the plaintiff-insurer and the defendant-bank as a mortgagee. Accordingly, even if the insurer may rescind its policy with the property owner (and thus the bank as a loss payee) pursuant to G.S. § 58-3-10 due to material misrepresentations in the insurance application, the bank’s rights as a mortgagee would survive.

Leave a Reply

Your email address will not be published. Required fields are marked *

*