Can a mortgage clause in a policy of fire insurance apply to a mortgagee who is not entitled to a loan under the policy?

Beck, J. in giving the judgment for this division in Laidlaw v. Hartford Fire Ins. Co. (supra) has the following to say in respect to a mortgage clause: (page 8) "At all events in the very commonly occurring case of policies of fire insurance, in which either as part of the policy as originally issued or by way of subsequent amendment thereof by way of addition, the loss is made payable to a mortgagee or other person having a pecuniary interest in the property insured, the third party has clearly a right, which he may enforce on the ground either that the existing contract is a tri-partite one, to which he is a party or that he is the principal and the assured his agent or that he is cestui que trust of the assured."