Discuss case study of crowell v delafield farmers mut

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Question: Mr. and Mrs. Crowell owned a farmhouse in Minnesota. They took out a mortgage on the property and insured the house with Delafield Insurance. When they defaulted on the mortgage, the bank commenced foreclosure proceedings. When the proceedings had been completed, the bank permitted the Crowells to remain on the property until it could be sold. Under Minnesota law, the Crowells had a right to meet any proposal that came in to buy the property and reclaim their interest. A fire destroyed the farmhouse while the insurance policy was still in effect. The Crowells submitted a claim to Delafield, which denied the claim on the grounds that the Crowells had no insurable interest in the property. Is the bank correct? (Crowell v. Delafield Farmers Mut., 463 N.W.2d 737)

Reference no: EM131495033

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