Acme Furnishings Ltd. operated a small manufacturing plant that was housed in a warehouse building that was owned by the corporation, and valued at $500,000. A recession in the house furnishings market forced the corporation to borrow $300,000 from its bank, using the building as security for the loan. Acme Furnishings Ltd. gave the bank a mortgage on the property, and as a part of the transaction, the bank required the corporation to insure the building for fire for its full value and include the bank as an insured. A year later, Acme Furnishings Ltd. was in serious financial difficulty, and the bank foreclosed on the mortgage, but did not evict Acme Furnishings Ltd. from the premises. A few months after the bank’s foreclosure was finalized, a fire broke out in the plant, and the building was destroyed. The bank and Acme Furnishings Ltd. both filed claims for payment under the fire policy. Advise the insurer. Discuss the nature of the claims, and how the claims may be resolved.