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WHITESTONE SAV. v. ALLSTATE INS. CO.

28 N.Y.2d 332 (1971)

Whitestone Savings and Loan Association, Appellant, v. Allstate Insurance Company, Respondent, et al., Defendants.

Court of Appeals of the State of New York.

Decided April 21, 1971.

Attorney(s) appearing for the Case

John H. Munley for appellant.

Abraham L. Shapiro and Abraham Schlissel for respondent.

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

BREITEL, J.

The issue, on summary judgment, is whether a mortgagee who bid in the full amount of the secured debt at the foreclosure sale in order to obtain the mortgaged property, retains any insurable interest entitling it to sue on a fire insurance policy under a mortgagee loss payable clause. The answer by well-settled precedents in this State and elsewhere in the Nation is a unanimous negative, based on...

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