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VALLEY NAT. BANK v. INA

No. 1 CA-CV 89-578.

172 Ariz. 212 (1992)

836 P.2d 425

The VALLEY NATIONAL BANK OF ARIZONA, a national banking association, Curt M. Kinshella, d/b/a Wholesale Building Materials, Inc., Wholesale Building Materials, Inc., an Arizona corporation, Plaintiffs-Appellants, v. INSURANCE COMPANY OF NORTH AMERICA, a foreign corporation, Defendant-Appellee.

Court of Appeals of Arizona, Division 1, Department E.

Reconsideration Denied April 21, 1992.

Review Denied September 22, 1992.

Attorney(s) appearing for the Case

Gust, Rosenfeld & Henderson by Fred Cole and Steven E. Harrison, Phoenix, for plaintiff-appellant Valley Nat. Bank of Arizona.

Holloway & Thomas, P.C. by Benjamin C. Thomas and Thomas P. Burke, II, Phoenix, for defendant-appellee.

OPINION

CLABORNE, Presiding Judge.

The issue in this case is whether there was an effective cancellation of a property casualty insurance policy issued by Insurance Company of North America ("INA") involving the interest of Valley National Bank of Arizona ("VNB") as mortgagee payee. We hold there was not, and reverse.

VNB filed a declaratory judgment action claiming that it was entitled to payment from INA for losses to VNB's interest as the mortgagee...

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