CARLISLE, J.
1. Where, by the terms of a contract of fire insurance covering two described motor vehicles, the insurer's liability is limited to the actual cash value of the motor vehicles at the time of loss, and it is agreed in the policy that "Any loss under coverages D, E, F, G-1, G-2. H, and I is payable as interest may appear to the named insured and . . . [a named bank, which holds an encumbrance on the vehicles in the amount of $2,500]"; and the insured
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