(Download) "Union Planters National Bank v. American" by Western Section, at Jackson Court of Appeals of Tennessee * eBook PDF Kindle ePub Free

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eBook details

• Title: Union Planters National Bank v. American
• Author : Western Section, at Jackson Court of Appeals of Tennessee
• Release Date : January 01, 1993
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 68 KB

Description

Plaintiff, Union Planters National Bank (hereinafter Plaintiff or UPNB), appeals from the order of the trial court granting
summary judgment to defendant, American Home Assurance Company (hereinafter Defendant or American Home). Plaintiff sued Defendant
for sums allegedly due under a breach of warranty endorsement to an insurance policy issued by Defendant. Although the parties
filed a detailed stipulation of facts in the trial court, we will limit our statement of the facts to those necessary for
consideration of the issues involved. On February 27, 1980, Owen C. Bell borrowed the purchase price of an airplane from UPNB. The indebtedness was evidenced by
a promissory note guaranteed by Bell's wife and secured by an Aircraft Security Agreement on the airplane which was duly perfected
by UPNB. Pursuant to the terms of the security agreement, Bell provided insurance on the airplane for the benefit of UPNB.
Bell subsequently leased the airplane to Scenic Airlines, Inc., and the lease agreement required Scenic to assume the obligation
to keep the airplane insured with a policy of insurance which included a loss payable clause for the benefit of UPNB, a breach
of warranty endorsement for the benefit of UPNB and a provision providing for not less than 30 days written notice to UPNB
prior to cancellation of the policy.

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