Agricola sold his farm to Ambrose for $300,000. In addition to $40,000 of his own funds, Ambrose arranged for a purchase-money mortgage from the Agricultural Loan Company for $200,000, and Agricola agreed to take back a mortgage in the amount of $60,000 in order that Ambrose could acquire the property. On the date fixed for closing, Agricola gave Ambrose the deed to the property and received a cheque from Ambrose in the amount of $40,000. He also received a cheque from the loan company for $200,000 when the company registered its mortgage immediately after the registration of the deed to Ambrose. Agricola then registered his mortgage for $60,000. At the time, Agricola transferred the fire insurance policy (which covered the buildings) to Ambrose. The policy transfer named Ambrose as the new owner, subject to the interest of Agricola as mortgagee. Through an oversight, the Agricultural Loan Company was not named as an insured on the policy. Sometime later, Ambrose defaulted on the mortgage to Agricola, and it was necessary for Agricola to foreclose on the mortgage. Agricola continued to make the mortgage payments each month to Agricultural Loan Company and allowed Ambrose to remain on the property to work the farm on a crop-sharing basis. Not long after Agricola had foreclosed on his mortgage and taken back the property, a serious fire destroyed a large barn on the premises. The barn had a value of $50,000. The insurer noted that the fire insurance policy listed Ambrose as the owner of the property, and Agricola as the mortgagee. However, before the insurance company made payment, all three parties Agricola, Ambrose, and the Agricultural Loan Company claimed the insurance proceeds. Discuss the nature of the rights that each party might raise. Discuss the possible outcome.