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The Installment Land Contract As A Junior Security, E. George Rudolph
The Installment Land Contract As A Junior Security, E. George Rudolph
Michigan Law Review
It is the purpose of this paper to explore the problems of one group whose members are increasingly, and more or less as a matter of necessity, finding themselves in the role of mortgagees, or vendors under installment purchase contracts, although they do not fit the assumed pattern. This group consists of persons who own homes subject to existing mortgages and for one reason or another decide to sell. The existing mortgages may be insured by the Federal Housing Administration or by the Veterans Administration or they may be uninsured mortgages held by building and loan associations or other financial …
Mortgages - Redemption - Right Of Mortgagee To Require Partial Redemption, James S. Taylor S.Ed.
Mortgages - Redemption - Right Of Mortgagee To Require Partial Redemption, James S. Taylor S.Ed.
Michigan Law Review
The mortgagor of the premises in question died leaving as his heirs-at-law the plaintiff and eight other children. Shortly thereafter, the mortgagee commenced proceedings to foreclose the mortgage under a power of sale. Pending these proceedings the plaintiff entered the military service of the United States and thus became entitled under the Soldiers and Sailors Civil Relief Act of 1940 to protection against the exercise of the power of sale. The mortgagee purchased at the foreclosure sale and thereafter made extensive improvements on the land. Plaintiff brought a bill to redeem the premises, tendering the entire amount of the mortgage …
Statute Of Frauds - Estoppel At Law As A Substitute For Part Performance In Equity, John M. Ulman
Statute Of Frauds - Estoppel At Law As A Substitute For Part Performance In Equity, John M. Ulman
Michigan Law Review
In 1930, plaintiff, as administratrix, mortgaged real estate to defendant. In 1933, plaintiff acquiesced in a foreclosure by defendant in pursuance of an oral agreement between the parties whereby it was understood that defendant would convey the land to plaintiff individually to hold for herself and others, plaintiff to give to defendant another mortgage for the same amount and to pay the costs. Defendant obtained title by foreclosure in March, 1934. Extensive repairs and improvements were made by plaintiff between September, 1934 and the spring of 1935. In October, 1934, defendant gave notice to plaintiff that it would not be …
Evasion Of Mortgage Moratoria By Prosecution Of Personal Remedies, Gordon B. Wheeler, Edgar N. Durfee
Evasion Of Mortgage Moratoria By Prosecution Of Personal Remedies, Gordon B. Wheeler, Edgar N. Durfee
Michigan Law Review
For reasons political, social and economic which have never been fully analyzed, the moratory legislation of the last five years has shown special favor to the debtor whose obligation is secured by mortgage of land, and this legislation is faintly echoed in moratory decisions which have no direct statutory foundation. Granted that contracts have sometimes received similar treatment, that banks and insurance companies have also enjoyed indulgence, and that the new chapters of the Bankruptcy Act extend asylum to all and sundry, yet the mortgage is so far favored that the word "moratorium" brings to mind this case before all …
Vendor And Purchaser-Right Of Purchaser To Exoneration As To A Prior Vendor's Lien
Vendor And Purchaser-Right Of Purchaser To Exoneration As To A Prior Vendor's Lien
Michigan Law Review
The case of McClure v. Southfield Woods Corporation, decided by the Michigan supreme court last year, raised an interesting question as to whether a contract vendee of land which is included in a tract subject to a pre-existing vendor's lien has a right of exoneration against his vendor as to such incumbrance. The plaintiff in that case had sold land to the Southfield Woods Corporation by a contract which provided for joinder of the vendor and vendee in a subdivision plat and for release of any lots from the vendor's lien upon payment of a stipulated sum, in addition …