New Mexico Supreme Court December 30, 1963, 7311 (Commercial Stand. Ins. Co. of Ft. Worth, Tex. v. Hitson)

MOISE, Justice.

On September 25, 1957, the defendants-appellants, owners of a five acre tract of land in Curry County, New Mexico, borrowed $5,700.00 from Carlow, Schiller & Carlow, evidencing the same by a promissory note which was secured by a mortgage. On November 5, 1957, a fire and extended coverage insurance policy in the amount of $3,000.