CARR, J.
The material facts in this case are not in dispute. In June, 1952, and thereafter, the Union Bank of Michigan, located in the city of Grand Rapids, was engaged as a part of its operations in the financing of automobiles. For the purpose of protecting itself against loss it procured from the defendant in this case a policy of indemnity insurance covering its financial interest, as mortgagee or otherwise, in any automobile subject to the policy. The owners...
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