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FIRST SAV. & LOAN v. AMER. HOME ASSUR.

29 N.Y.2d 297 (1971)

First Savings and Loan Association of Jersey City, N. J., Appellant, v. American Home Assurance Company, Respondent.

Court of Appeals of the State of New York.

Decided November 24, 1971.

Attorney(s) appearing for the Case

Jerome F. Katz for appellant.

Saul Goldstein and Max J. Gwertzman for respondent.

Chief Judge FULD and Judges BURKE, BERGAN, BREITEL and GIBSON concur with Judge JASEN; Judge SCILEPPI dissents and votes to reverse in a separate opinion.

JASEN, J.

The plaintiff, First Savings and Loan Association of Jersey City, New Jersey, holds a mortgage upon certain premises covered by an insurance policy issued by the defendant, American Home Assurance Company, and asserts its right to insurance proceeds by virtue of the standard mortgagee clause contained in the policy. The owner of the premises procured an insurance policy, D7539681, from the defendant...

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