The Federal Reporter. Volume 4: Cases Argued and Determined in the Circuit and District Courts of the United States. October-December, 1880. Page: 266
xiv, 928 p. ; 23 cm.View a full description of this legislative document.
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FEDERAL REPORTER.
This building was totally destroyed in the great fire of Octo-
ber; 1871.
In,settlement of the insurance on the same the fire insur-
ance company delivered to the defendant Scammon a draft
for $15,000, payable to the order of complainant; and there-
upon Scammon, in a communication addressed to the secre-
tary of the complainant, informed him that he had com-
menced rebuilding the burned structures, and enclosed therein
the draft received for insurance, and requested that authority
might be given to complainant's Chicago agent to pay over to
him (Scammon) or to the Marine Company, the proceeds of
the draft, to be expended in such rebuilding. This request
resulted in an agreement, made on the fifth day of January,
1872, between complainant and J. Y. Scammon alone, by
which it was agreed that complainant should and did waive
its right to apply the insurance money on the mortgage indebt-
edness, and that this money should be deposited in such bank
as should be selected by Scammon and assented to by com-
plainant, to the credit and at the risk of Scammon, to be
used in the erection of buildings on the mortgaged premises;
that this money should be paid out in the erection of such
buildings, from time to time, on the drafts or checks of Scam-
mon, countersigned by complainant's agent, until it should
be thus fully expended; further, that such drafts or checks
should be so countersigned on presentation thereof to com-
plainant's agent, accompanied with the certificate of an archi-
tect, that the amount of such check or draft, together with all
previous checks or drafts drawn or paid out on such account,
had been actually expended in permanent improvements upon
the mortgaged premises; further, that so soon as the build-
ing or buildings so erected should be in a situation to be
insured, Scammon should cause the same to be insured in the
fair insurable value thereof, and assign the policies of insur-
ance to complainant, and that thereupon all the provisions
contained in the mortgage should apply to such insurance.
By this agreement it was further provided that any receipt
or acknowledgment given by complainant, either alone or
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Boyle, Peyton. The Federal Reporter. Volume 4: Cases Argued and Determined in the Circuit and District Courts of the United States. October-December, 1880., legislative document, 1881; Saint Paul, Minnesota. (https://digital.library.unt.edu/ark:/67531/metadc36333/m1/280/: accessed July 18, 2024), University of North Texas Libraries, UNT Digital Library, https://digital.library.unt.edu; crediting UNT Libraries Government Documents Department.