Pennsylvania Co. for Insurance on Lives v. Central Trust & Savings Co.
Pennsylvania Co. for Insurance on Lives v. Central Trust & Savings Co.
Opinion of the Court
Opinion by
This action of assumpsit, when first tried resulted in a verdict in favor of the plaintiff for $2,719.18. On a motion for a new trial, and for judgment non obstante veredicto, the court dismissed the latter and made absolute the first. On the second trial the plaintiff recovered a verdict for $1,000.00, and a motion for judgment non obstante veredicto was again dismissed. The same argument is urged on this appeal that failed twice before the court below. The complications in the trials were unfolded as thoroughly as ingenious counsel, skilled experts and able judges could do. The subjects in dispute were adequately submitted to the jury, and the verdict established that the plaintiffs lost $1,000.00 in diminution of the value of the mortgage, but no evidence was presented nor claim made for loss by failure to complete the houses that were released from the lien of the mortgage, and it does not appear that there was any equity in these properties over the liens and encumbrances. The defendant has not settled or offered to settle the claim under the policy, but contested the liability. The whole subject is so fully and convincingly covered by the final opinion of Judge Martin, that we do not deem it necessary to prolong the discussion.
The judgment is affirmed.
Reference
- Full Case Name
- Pennsylvania Co. for Insurance on Lives, Etc. v. Central Trust & Savings Co.
- Cited By
- 1 case
- Status
- Published
- Syllabus
- Insurance — Title insurance — Completion of building — Subrogation — Mortgage—Release from, lien of mortgage. Where a policy of title insurance covenants to indemnify the owners of a second mortgage, from loss resulting from the non-completion of buildings in a building operation, and also contains a warranty by the parties insured that their rights of subrogation should vest in the insurer unaffected by any act of the insured, the latter may maintain an action for a loss occasioned by a failure to complete the buildings, although the insured have released some of the properties from the mortgage without the consent of the insurer, if no claim is made for a loss resulting from the failure to complete the building of the properties released, and it does not appear that there was an equity in such properties over other liens and encumbrances, or that the releases affected the value of the mortgage.