Page:Federal Reporter, 1st Series, Volume 4.djvu/279

 CONNECTICUT MUT. LIFE INS. CO. V. SOAMMON. ËÔÔ �insurance should be effected ; and it was further pi'ovided that the complainant should hold such policies of insurance as collateral and additional security for the payment of the prin- cipal sum, secured by the mortgage, and interest, and should have the right to colleot and receive ail sums of money that miprht at any time become collectible upon bucû policiea of insurance, and apply the same, when received, in the same manner, as far as possible, as was provided in the naurtgage in case of a sale of the mortgaged premisea under the power of sale therein oontained. Pursuant to these requirements of the mortgage insurance was obtained, in the sum of $15,000, upon the building ereoted on the preaises. The policy of insurance, in terms, run to J. Y. Scammon alone, and oon- tained a clause in the usual form : "Loss, if any, payable to the Connecticut Mutual Life Insurance Company." �On the tenth day of September, 1867, by agreement be- tween J. Y. Scammon aud bis daughters, a partition of the mortgaged premises was made by which the south one-third thereof was set oef to Mr. Scammon as the parcel in which he should thereafter bave a clear estate in fee ; and the north two-thirds were set off to the defendants Florence A. D. Eeed and Arianna B. Scammon, to be held by them in fee, Bubjeet, however, to the life estate of their father. The ob- ]ect of this agreement of partition appears to have been to enable Scammon to convey the south one-third of the lot to the Marine Company of Chicago, and to enable his daughters, at his death, to hold the north two-thirds of the lot free from ail other claims of title under Mr. Scammon. Concurrently with the making of this partition $10,000 was paid to com- plainant to apply on the principal of the bond and mortgage in suit, and the south one-third of the mortgaged premises so set off to Mr. Scammon was then released by complainant from the Hen of the mortgage, and thereafter his interest in. the mortgaged premises yet covered by the mortgage consisted of a life estate ; and it is understood that the building then eituated on the premises stood upon that part of the same set off under the partition to Mr. Scammon's two daughters» ����