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MORAN v. KENAI TOWING AND SALVAGE, INC.

Nos. 1924, 1934.

523 P.2d 1237 (1974)

Jack J. MORAN, Appellant, v. KENAI TOWING AND SALVAGE, INC., Appellee. KENAI TOWING AND SALVAGE, INC., Cross-Appellant, v. Jack J. MORAN, Cross-Appellee.

Supreme Court of Alaska.

June 26, 1974.

Attorney(s) appearing for the Case

Stanley P. Cornelius, Anchorage, for appellant and cross-appellee.

Warren W. Matthews, Jr., of Matthews, Dunn & Baily, Anchorage, for appellee and cross-appellant.

Before RABINOWITZ, C.J., and CONNOR, ERWIN, BOOCHEVER and FITZGERALD, JJ.

OPINION

CONNOR, Justice.

This appeal presents a dispute over the disposition of the proceeds from an insurance policy following a fire loss.

In 1968 Kenai Towing and Salvage, Inc., was the owner of certain improved real property in the vicinity of Kenai, Alaska. On the property was a building which had been erected by Kenai Towing & Salvage, Inc., at its own expense. The company was in financial difficulty. It approached Jack Moran for a loan...

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