Eagle sales company owns a warehouse subject to a mortgage, Ask an Expert

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Eagle Sales Company owns a warehouse, subject to a mortgage obtained from First National Bank. Separately, Eagle and First National obtain insurance policies from Good Hands, Inc., to cover the warehouse. Later, Eagle sells the property to Interstate Distribution Corporation but keeps the insurance policy. First National agrees to act as Interstate's mortgagee, and Interstate obtains an insurance policy from Good Hands to cover the property. A fire totally destroys the warehouse.

Who can recover an amount for its loss?

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Category:- Basic Finance
Reference No.:- M9885052

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