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FIRST ALABAMA BANK OF GADSDEN v. AETNA INS. CO.

No. 77-2666.

607 F.2d 676 (1979)

FIRST ALABAMA BANK OF GADSDEN, etc., Plaintiff-Appellee, v. AETNA INSURANCE COMPANY, a corporation, Defendant-Appellant.

United States Court of Appeals, Fifth Circuit.

Rehearing Denied January 2, 1980.

Attorney(s) appearing for the Case

Thomas R. Elliott, Jr., Birmingham, Ala., for defendant-appellant.

James D. Pruett, Gadsden, Ala., for plaintiff-appellee.

Before GODBOLD, RONEY and FRANK M. JOHNSON, Jr., Circuit Judges.

GODBOLD, Circuit Judge:

First Alabama Bank, as loss payee under a mortgage clause of an Aetna policy of fire insurance, sued Aetna seeking recovery of $50,000. In a jury trial, at the close of the evidence, the district court granted a directed verdict for the Bank. We hold that the directed verdict should not have been granted and reverse.

I. The facts.

In January, 1973, the town of Vina, Alabama, issued $145,000 of warrants to finance construction...

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