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HOME FIRE & M. INS. CO. v. PAN AMERICAN PETROLEUM CORP.

No. 7193.

381 P.2d 675 (1963)

72 N.M. 163

HOME FIRE AND MARINE INSURANCE COMPANY, Plaintiff-Appellant, v. PAN AMERICAN PETROLEUM CORPORATION and Curtis V. Myers, Defendants-Appellees.

Supreme Court of New Mexico.

May 13, 1963.

Attorney(s) appearing for the Case

McAtee, Toulouse, Marchiondo, Ruud & Gallagher, Albuquerque, for appellant.

Atwood & Malone, R.D. Mann, Robert A. Johnson, Roswell, for Pan American Petroleum Corp.

Neal & Fort, Carlsbad, for Curtis V. Myers.

MOISE, Justice.

Home Fire and Marine Insurance Company, hereinafter referred to as the "insurer" filed suit to recover amounts paid by it to Frank M. Late, Cactus Drilling Company, and Clark-Dale Drilling Company, hereinafter referred to as "insureds" under a policy of insurance against loss of a certain drilling rig and equipment by fire. Upon receiving the amount of the loss the insureds executed two identical instruments denominated "loan receipt" the material...

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