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STATE DISTRIBS. v. UNITED STATES

March 15, 1957

STATE DISTRIBUTORS, Inc., Plaintiff,
v.
UNITED STATES of America, Defendant



The opinion of the court was delivered by: FORMAN

There are no disputed questions of fact in this case. The plaintiff, State Distributors, Inc., a New Jersey corporation, and the defendant, the United States of America, have stipulated, among others, the following pertinent facts:

Plaintiff owned a group of buildings for retail merchandising in Trenton, New Jersey. On February 14, 1948, a fire occurred in the buildings. They were insured by several companies. The loss was determined to be $ 122,778.25. The property was encumbered by a mortgage to the New England Mutual Life Insurance Company in October of 1946 in the sum of $ 225,000. At the time of the fire plaintiff owed $ 210,622.49 on the mortgage. In accordance with a conventional provision in the mortgage in which plaintiff covenanted to keep the property insured against loss by fire and other risks and to assign policies to the mortgagee, the carriers paid the proceeds of the policies directly to the mortgagee. The balance of the mortgage was satisfied by the plaintiff by periodic payments, the last of which was made in May, 1949.

19570315

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