Open Access. Powered by Scholars. Published by Universities.®
Articles 1 - 4 of 4
Full-Text Articles in Law
Mortgages - Subrogation Of One Whose Loan Is Used To Pay A Senior Mortgage, Theodore R. Vogt
Mortgages - Subrogation Of One Whose Loan Is Used To Pay A Senior Mortgage, Theodore R. Vogt
Michigan Law Review
S mortgaged the property in question to U, then conveyed the land and certain water rights to H, who gave a second mortgage on the land to M. Thereafter H conveyed the land and water rights to F, who borrowed from Z funds to retire the first mortgage, giving to Z a mortgage which it was agreed between F and Z should be a first mortgage, and transferring to Z the water rights as additional security. In an action by M to foreclose, held, Z was entitled to subrogation to the position of first mortgagee …
Mortgages - Deed In Lieu Of Foreclosure - Validity, Elbridge D. Phelps
Mortgages - Deed In Lieu Of Foreclosure - Validity, Elbridge D. Phelps
Michigan Law Review
Depression years have brought to the fore a question much controverted in the early law, but now said to have become settled. That question regards the effect and efficacy of a conveyance of the mortgaged land, or a transfer of the equity of redemption, by the mortgagor to his mortgagee. It seems to have been cheerfully assumed by some lawyers, and by laymen in general, that in the absence of liens subsequent to the mortgage, the procedure is perfectly safe and proper in every case. It is the purpose of this discussion, however, to point out certain dangers inherent in …
Vendor And Purchaser - Mortgaging Of Land By Vendor - Effect On Vendee's Duty To Continue Installment Payments
Michigan Law Review
Plaintiffs agreed in writing to purchase a tract of land from the defendant, the purchase price to be paid in stated installments or in full at any time at the option of the plaintiffs. Two days after the formation of the contract the defendant mortgaged the land, and about eight months later placed a second mortgage on it. Plaintiffs denied having any knowledge of the mortgages until attempts were made to foreclose them. Previous to this, however, they had defaulted in their payments. In an action in general assumpsit to recover the amount of the installments paid it was held …
Creditors' Rights In Equity
Michigan Law Review
There is a great deal of confusion in the decided cases as to the jurisdiction of equity to protect creditors. Historically we must separate the jurisdiction of equity over decedents' estates. According to Langdell, a creditor's bill is a bill filed by a creditor of a deceased debtor, against the personal or real representative, or against the personal and real representatives, of the latter to compel the payment of a debt. When an execution upon a judgment has been returned unsatisfied, and the judgment creditor files a bill in equity to obtain satisfaction of the judgment out of assets belonging …