The mortgagor has an insurable interest in the land,21 and may insure to the full value of the property, even though the mortgage be for such value.22 His insurable interest continues even after foreclosure, and until his right to redeem is barred;23 and his mere personal liability for the debt gives him an insurable interest, even when he has conveyed the mortgaged land to another.24

Swan, 59 N. H. 22; Compare Connecticut Mut. Life Ins. Co. v. Bulte, 45 Mich. 113, 7 N. W. 707. That the holder of one of the notes secured by a mortgage could not purchase at tax sale as against the holder of another of such notes, see Gilman v. Heitman, 137 Iowa, 336, 113 N. W. 932.

19. Mendenhall v. Hall, 134 U. S. 559, 33 L. Ed. 1012; McAlpine v. Zitzer, 119 111. 273, 10 N. E. 901; Frank v. Arnold, 73 Iowa, 370, 35 N. W. 453; Chamberlain v Forbes, 126 Mich. 86, 85 N. W. 253; Carter v. Bustamente, 59 Miss. 559; Drew v. Morrill, 62 62 N. H. 565; Maher v. Potter, 60 Wash. 443, 111 Pac. 453.

20. Safe Deposit & Trust Co. v. Wickhem, 9 S. D. 341, 62 Am. St. Rep. 873, 69 N. W. 14. But see Gibson v. Gilman, 71 Kan. 320, 80 Pac. 587.

21. Royal Ins. Co. v. Stinson, 103 U. S. 25, 26 L. Ed. 473; Lycoming Fire Ins. Co. v. Jackson, 83 111. 302, 25 Am. Rep. 386; Strong v. Manufacturer's Ins. Co., 10

Pick. (Mass.) 40, 20 Am. Dec. 507; Jackson v. Massachusetts Mut. Fire Ins. Co., 23 Pick. (Mass.) 418, 34 Am. Dec. 69; Guest v. New Hampshire Fire Ins. Co., 66 Mich. 98, 33 N. W. 31.

The giving of a mortgage does not involve breach of a condition in the insurance policy against alienation. Quarrier v. Peabody Ins, Co., 10 W. Va. 507, 27 Am. Rep. 582; Commercial Ins. Co. v. Spankneble, 52 111. 53, 4 Am. St. Rep. 582; Hartford Steam-Boiler Inspection & Insurance Co. v. Lasher Stocking Co., 66 Vt. 439, 44 Am. St. Rep. 859, 29 Atl. 629.

22. Royal Ins. Co. v. Stinson, 103 U. S. 25, 26 L. Ed. 473; McDonald v. Black's Adm'r, 20 Ohio, 185, 55 Am. Dec. 448. See Gordon v. Massachusetts Fire & M. Ins. Co., 2 Pick. (Mass.) 249; Aetna Fire Ins. Co. v. Tyler, 16 Wend. (N. Y.) 385, 30 Am. Dec. 90.

23. Strong v. Manufacturer's Ins. Co., 10 Pick. (Mass.) 40, 20 Am. Dec. 507; Stephens v. Illinois Mut. Fire Ins. Co., 43 111.

If the mortgagor agrees to take out insurance for the benefit of the mortgagee, but nevertheless procures it in his own name, without making it payable to the mortgagee, the latter will be regarded as entitled to the proceeds of the insurance to the extent of the mortgage debt, and will have an equitable lien thereon, equity regarding the policy as in effect payable to the mortgagee, because it should have been made so payable.25 And a like view has been taken as to insurance taken out by the mortgagor before entering into the agreement with the mortgagee.26 But if the insurance is taken out by the mortgagor purely for his own account, without any agreement having been made in that regard with the mortgagee, the latter has no claim on the proceeds.27

327; Buffalo Steam Engine Works v. Sun Mut. Ins. Co., 17 N. Y. 401; Richland County Mut. Ins. Co. v. Sampson, 38 Ohio St. 672.

24. Waring v. Loder, 53 N. Y. 581; Buck v. Phoenix Ins. Co., 76 Me. 586; Wilson v. Hill, 3 Mete. (Mass.) 66.

25. Wheeler v. Factors' & Traders' Ins. Co., 101 U. S. 439, 25 L. Ed. 1055; In re Sands Ale Brewing Co., 3 Biss. 175, Fed. Cas. No. 12307; Grange Mill Co. v. Western Assur. Co., 118 111. 396, 9 N. E. 274; Johnson v. Northern Minnesota Land & Investment Co., 168 Iowa, 340, 150 N. W. 596; Thomas' Adm'rs v. Von Kapff's Ex'rs, 6 Gill. & J. (Md.) 372; Miller v. Aldrich, 31 Mich. 408; Aetna Ins. Co. v. Thompson, 68 N. H. 20, 7a Am. St. Rep. 552 40 Atl. 396; Cromwell v. Brooklyn Fire Ins. Co., 44 N. Y. 42, 4 Am. Rep. 641; Batson v. Misz, 81 Ore.

607, 160 Pac. 530; Nichols v. Bax-ter, 5 R. I. 491; Willamson v. Michigan Fire & Marine Ins. Co., 86 Wis. 393, 39 Am. St. Rep. 906, 57 N. W. 46. But it has in Massachusetts been held that the insurance must have been procured by the mortgagor with the intention of performing his agreement, in order that the mortgagee may have a claim on the proceeds. Stearns v. Quincy Ins. Co., 124 Mass. 61.

26. Ames v. Richardson, 29 Minn. 330, 13 N. W. 137; Nordyke & M. Co. v. Gery, 112 Ind. 535, 2 Am. St. Rep. 219, 13 N. E. 683; Nichols v. Baxter, 5 R. I. 491.

27. Columbia Ins. Co. v. Lawrence, 10 Pet. (U. S.) 507, 9 L. Ed. 512; Carpenter v. Providence Washington Ins. Co., 16 Pet. (U. S.) 495, 10 L. Ed. 1044; Han-cox v. Fishing Ins. Co., 3 Sumn. 132, Fed. Cas. No. 6,013; VandeBy the mortgagee. The mortgagee has an insurable interest,28 though only to the amount of the mortgage debt;29 and this interest continues till the mortgage debt is paid, or the land passes into other hands by foreclosure.30 The interests of the mortgagor and the mortgagee are so distinct that both may be insured at the same time.31 The mortgagee's right to the proceeds of the insurance taken out by him is not affected by the fact that the property is still, even graaff v. Medlock, 3 Port. (Ala.) 389, 29 Am. Dec. 256; Niagara Fire Ins. Co. v. Scamman, 144 111. 490, 19 L. R. A. 114, 28 N. E. 919, 32 N. E. 914; Nordyke & Marmon Co. v. Gery, 112 Ind. 535, 2 Am. St. Rep. 219, 13 N. E. 683; Ryan v. Adamson, 57 Iowa, 30, 10 N. W. 287; Ames v. Richardson, 29 Minn. 330, 13 N. W. 137; McDonald v. Black's Adm'r, 20 Ohio, 185, 55 Am. Dec. 448; Nichols v. Baxter, 5 R. I. 491; Plimpton v. Farmers' Mut. Fire Ins. Co., 43 Vt. 497.

28. National Bank of D. O. Mills & Co. v. Union Ins. Co., 88 Cal. 497, 22 Am. St. Rep. 324. 26 Pac. 509; Bell v. Western Marine & Fire Ins. Co., 5 Rob. (La.) 423, 39 Am. Dec. 542; King v. State Mut. Fire Ins. Co., 7 Cush. (Mass.) 1, 54 Am. Dec. 683; Clark v. Washington Ins. Co., 100 Mass. 509, 1 Am. Rep. 135; Foster v. Van Reed, 70 N. Y. 19, 26 Am. Rep. 544; Grevemeyer v. Southern Mut. Fire Ins. Co., 62 Pa. St. 340, 1 Am. Rep. 420.

29. Carpenter v. Providence Washington Ins. Co., 16 Pet. (U. S.) 495, 10 L. Ed. 1044; Hadley v. New Hampshire Ins. Co., 55

N. H. 110; Excelsior Fire Ins. Co. v. Royal Ins. Co., 55 N. Y. 343, 14 Am. Rep. 271; McDonald v. Black's Adm'r, 20 Ohio, 185, 55 Am. Dec. 448; Smith v. Columbia Ins. Co., 17 Pa. St. 253; 55 Am. Dec. 546.

30. National Bank of D. O. Mills & Co. v. Union Ins. Co., 88 Cal. 497, 2 Am. St. Rep. 324, 26 Pac. 509; Excelsior Fire Ins. Co. v. Royal Ins. Co., 55 N. Y. 343, 14 Am. Rep. 271; King v. State Mut. Fire Ins. Co., 7 Cush. (Mass.) 1, 54 Am. Dec. 683.

His insurable interest continues even after his assignment of the note, if he is liable as an indorser on the mortgage note. Williams v. Roger Williams Ins. Co., 107 Mass. 377, 9 Am. Rep. 41.

31. Carpenter v. Providence Washington Ins. Co., 16 Pet. (U. S.) 495, 10 L. Ed. 1044; Westchester Fire Ins. Co. v. Foster, 90 111. 121; Jackson v. Massachusetts Mut. Fire Ins. Co., 23 Pick. (Mass.) 418, 34 Am. Dec. 69; Williams Mfg. Co. v. Ins. Co. of North America, 85 Vt. 282, 81 Atl. 916; Manson v. Phoenix Ins. Co., 64 Wis. 26, 54 Am. Rep. 573, 24 X. W. 407.

After the loss insured against, sufficient security for the amount of the mortgage.32

If there is no provision in the mortgage requiring the mortgagor to insure the premises, or other agreement on the subject, insurance effected by the mortgagee is purely for his own account, and in case of loss he is entitled to the proceeds of insurance free from any claim by the mortgagor to have it applied on the mortgage debt.33 If, however, the mortgagee insures the property on account of the mortgagor, or by his request, or at his expense, because the latter fails to comply with his covenant to insure, the proceeds of the policy must be applied on the mortgage debt.34

In most states it is held that, upon receipt of the proceeds of insurance by the mortgagee, the insurance company becomes subrogated to the rights of the mortgagee to the extent of the amount thus paid, the mortgagee not being allowed the proceeds of both the mortgage and insurance.35

32. Aetna Ins. Co. of Hartford v. Baker, 71 Ind. 102; Foster T. Equitable Mut. Fire Ins. Co., 2 Gray (Mass.) 216; Excelsior Fire Ins. Co. v. Royal Ins. Co., 55 N. Y. 343, 14 Am. Rep. 271; Smith v. Columbia Ins. Co., 17 Pa. St. 253, 55 Am. Dec. 546.

33. Russell v. Southard, 12 How. (U. S.) 139, 13 L. Ed. 927; Honore v. Lamar Fire Ins. Co., 51 111. 409; Deming Inv. Co. v. Dickerman, 63 Kan. 728, 88 Am. St. Rep. 265, 66 Pac. 1029; Stinch-field v. Milliken, 71 Me. 567; White v. Brown, 2 Cush. (Mass.) 412; Sterling Fire Ins. Co. v. Beffrey, 48 Minn. 9, 50 N. W. 922; Excelsior Fire Ins. Co. v. Royal Ins. Co., 55 N. Y. 343, 14 Am. Rep. 271.

34. Norwich Fire Ins. Co. v.

Boomer, 52 111. 442, 4 Am. Rep. 618; Concord Union Mut. Fire Ins. Co. v. Woodbury, 45 Me. 447; Pendleton v. Elliott, 67 Mich. 496, 35 N. W. 97; Rutherford v. Sample, 186 Mo. App. 469, 171 S. W. 578; Leyden v. Lawrence, 79 N. J. Eq. 113, 81 Atl. 121; Waring v. Loder, 53 N. Y. 581; Nichols v. Baxter, 5 R. I. 491.

35. Carpenter v. Providence Washington Ins. Co., 16 Pet. (U. S.) 495, 10 L. Ed. 1044; Norwich Fire Ins. Co. v. Boomer, 52 111. 442, 4 Am. Rep. 618; Concord Union Mut. Fire Ins. Co. v. Woodbury, 45 Me. 447; Sterling Fire Ins. Co. v. Beffrey, 48 Minn. 9, 50 N. W. 922; Sussex County Mut. Ins. Co. v. Woodruff, 26 N. J. L. 541; Excelsior Fire Ins. Co. v. Royal Ins. Co., 55 N. Y. 343, 14