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PEERLESS INSURANCE COMPANY v. BAILEY MORTGAGE COMPANY

No. 21660.

345 F.2d 14 (1965)

PEERLESS INSURANCE COMPANY, Appellant, v. BAILEY MORTGAGE COMPANY, Appellee. NATIONAL INDEMNITY COMPANY, Appellant, v. Richard M. BANKS and Iona Coleman Banks, Appellees.

United States Court of Appeals Fifth Circuit.

May 12, 1965.

Attorney(s) appearing for the Case

Bob Ray, Jackson, Miss., Lucius B. Dabney, Vicksburg, Miss., Elizabeth W. Grayson, Jackson, Miss., J. D. Thames, W. F. Goodman, Jr., Dabney & Dabney, Vicksburg, Miss., for appellants.

M. E. Ward, Landman Teller, Vicksburg, Miss., George S. Neal, Jr., Jackson, Miss., Teller, Biedenharn & Rogers, Vicksburg, Miss., for appellees.

Before WOODBURY, WISDOM, and BELL, Circuit Judges.

GRIFFIN B. BELL, Circuit Judge:

This appeal presents an unusual result on claims for fire damage to a residence in Vicksburg, Mississippi. The mortgagee who made a construction loan to the builder recovered the full amount of the damage on a policy issued by one insurance company. The occupants of the residence who had contracted to purchase it, and whose interest, as we shall see, was equitable at the most and of a disputed value, recovered the full amount of the...

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