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NORTHERN ASSURANCE CO. v. ASSOCIATED INDEPENDENT DEALERS

No. 4-69 Civ. 377.

313 F.Supp. 816 (1970)

NORTHERN ASSURANCE COMPANY OF AMERICA, a corporation, Plaintiff, v. ASSOCIATED INDEPENDENT DEALERS, Defendant.

United States District Court, D. Minnesota, Fourth Division.

April 10, 1970.

Attorney(s) appearing for the Case

Robins, Davis & Lyons, by James L. Fetterly, Minneapolis, Minn., for plaintiff.

Richards, Montgomery, Cobb & Bassford, by Nathan Cobb, Minneapolis, Minn., for defendant.

NEVILLE, District Judge.

It appears that plaintiff insurance company, a Massachusetts corporation, insured against loss by fire the St. Paul Linoleum and Carpeting Co., whose building was so destroyed on April 25, 1969. Plaintiff "paid" the insured the limits of its policy, $150,000 and took from it a "Loan Receipt" dated May 19, 1969, the loan "repayable only in the event and to the extent of any net recovery the [borrower...

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