We bought another farm last fall and used equipment as collateral. The bank with the mortgage just asked to be named "Loss Payee" on the equipment with the insurance company. While I understand that bank requesting this; I am wondering if they can force me to do this at this point? My thinking is - if our main chore tractor has a value of $50,000 and is totaled in a fire, we will need that money to replace the tractor. If the mortgage company is the payee, they get the money and I assume the money would go toward the mortgage balance; but we will then be required to get another loan to replace the tractor. Do I have a legal right to just tell the bank we are good with how things are currently set up? Or should I just go ahead and tell the insurance company to make them the Payee since odds are slim that we would ever have a claim anyway?