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3286 DEPUBLISHED Under a borrowers fire insurance policy a lender is insured only to the extent of its loss and since it sustains no loss when it purchases the property in foreclosure by a full credit bid it is not entitled to insurance proceeds for damage caused by a fire prior to the sale.CitationNORWEST MORTGAGE v STATE FARM (Full Credit Bid) 97 CA4 571 [See: First Commercial v Reece 89 CA4 731, T/AT 7/01 3049; Alliance v Rothwell 10 C4 1226, T/AT 10/95 1024] |
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Finz Case Law Summaries (Finz Advance Tapes)
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