Pell purchased a home in St. Louis. The home was mortgaged to the Putnam saving and loan Association ( Putnam), Which obtained fire insurance from Fidelity Insurance company. The standard mortgage clause in policy provided that "loss or damage, if any, under this policy, shall be payable to the mortgagee... And this... interest... shall not be invalidated... by any change in the title ownership of the property... The mortgage... shall notify this company of any change of ownership or occupancy or increase of hazard which shall come to the knowledge of said mortgagee... otherwise this policy shall be null and void." On September 14, 1992, pell sold the property to miller; but miller's deed was not recorded until July 19, 1993. Putnam had no actual knowledge of the sale but was given the impression that was contemplating a sale. When the property was partially destroyed by fire, Putnam sought to recover under the fire policy. Fidelity argued that Putnam cannot recover because the policy violated the standard mortgage clause by not giving notice of the change of ownership. Decide?