CREDITOR I\ DEBTOR'S PROPERTY   711

said fire, as hereinafter stated, the New York & New Orleans Coal & Iron Company, and this complainant, as its receiver, was a creditor of said Kimball Town Company to the extent of over thir• teen thousand dollars, and indorser on its paper for other large sums, and was also a stockholder in said Kimball Town Company to the amount of more than ten thousand dollars, and that he, as such receiver, is still such creditor and stockholder." It appears from the proof that this hotel building had been previously insured for the benefit of the Kimball Town Company. When that policy expired, the insurance agents notified Donaldson, the secretary, and Richardson, the local treasurer of the town company, whereupon these officers caused a renewal of the policy. Donald-son, it appears, explained to the insurance agents, at the time of the renewal, that the town company owed the land company about thirteen thousand dollars, and he desired the policy to protect the interests of the land company. The premiums on this policy were paid by Donaldson, as receiver. Donaldson was at that time not only receiver of the laud company, but was also general counsel, secretary, and resident manager of the town company. Richardson, who was present when the policy was renewed, was acting treasurer of the town company, and approved the action of Donaldson. Donaldson also notified the president of the town company, by letter, of his action, and, after the loss, advised him in person of the renewal of the policy for the benefit of the New York & New Orleans Coal & Iron Company, and he approved the action of Donaldson. The defendant company demurred to the bill, upon the ground that if any right of action existed on said policy, it was in the Kimball Town Company, and not in complainant, and that, in any event, said Kimball Town Company was a necessary party to the suit. The demurrer was overruled. The company answered, and, among other defenses, averred that complainant, in procuring this policy, was not acting under au• thor•ity of the town company, but was acting solely in his capacity of receiver for the coal and iron company. and that neither the receiver nor the coal and iron company had an insurable interest in the said hotel building.

The first assignment is that the Court erred in overruling de• fendant's demurrer. It is insisted in behalf of the demurrant that this suit could only be maintained in the name of the Kimball Town Company because, first, the loss is made payable to the complainant "as his interest may appear at that time;" that, under this clause, he must have an insurable interest in the sub. ject of the insurance, and none is alleged in the bill. It is insisted that a simple contract creditor—one who has no lien upon the particular property by contract or judgment, or otherwise—has no insurable interest in the property of his debtor. If this clause in the policy was intended to refer to the interest of the appointee