Commercial Law, 2012 Bar — Question V

ESSAY

X borrowed from CCC Bank. She mortgaged her house and lot in favor of the bank. X insured her house. The bank also got the house insured. a) Is this double insurance? Explain your answer. (3%) b) Is this legally valid? Explain your answer. (3%) c) In case of damage, can X and CCC Bank separately claim for the insurance proceeds? (4%)

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