Whitestone Savings and Loan Association v. Allstate Insurance Company

Summary

The New York Court of Appeals affirmed summary judgment, holding that a mortgagee who bids the full amount of the secured debt at a foreclosure sale and thereby discharges the debt loses any insurable interest under a mortgagee loss‑payable clause and cannot sue on the fire insurance policy. The dissent argued that factual issues remained and that the mortgagee retained an interest.