Acme Furnishings Ltd. operated a small manufacturing plant that was housed in a warehouse building..

Acme Furnishings Ltd. operated a small manufacturing plant
that was housed in a warehouse building that was owned by the corporation, and valued
at $500,000. A recession in the house furnishings market forced the corporation
to borrow $300,000 from its bank, using the building as security for the loan.
Acme Furnishings Ltd. gave the bank a mortgage on the property, and as a part
of the transaction, the bank required the corporation to insure the building
for fire for its full value and include the bank as an insured. A year later,
Acme Furnishings Ltd. was in serious financial difficulty,
»

Acme Furnishings Ltd. operated a small manufacturing plant
that was housed in a warehouse building that was owned by the corporation, and valued
at $500,000. A recession in the house furnishings market forced the corporation
to borrow $300,000 from its bank, using the building as security for the loan.
Acme Furnishings Ltd. gave the bank a mortgage on the property, and as a part
of the transaction, the bank required the corporation to insure the building
for fire for its full value and include the bank as an insured. A year later,
Acme Furnishings Ltd. was in serious financial difficulty, and the bank
foreclosed on the mortgage, but did not evict Acme Furnishings Ltd. from the
premises. A few months after the bank’s foreclosure was finalized, a fire broke
out in the plant, and the building was destroyed. The bank and Acme Furnishings
Ltd. both filed claims for payment under the fire policy. Advise the insurer.
Discuss the nature of the claims, and how the claims may be resolved.

»

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