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Contracts-Liability Of Assignee For Unfullfilled Duties Of His Assigned
Contracts-Liability Of Assignee For Unfullfilled Duties Of His Assigned
Michigan Law Review
Plaintiff contracted for the sale of lands with H., title being reserved in the plaintiff. The contract purported to bind the assigns of both parties, and contained an acceleration provision in favor of the plaintiff on default of any payment. Under North Dakota law the parties were substantially in the position of vendor-mortgagee and vendee-mortgagor. H then assigned to the defendant who made payments to the plaintiff, and there was also testimony indicating that in the printed form of the assignment defend ant had promised the assignor to assume the duties under the original contract. Upon default and foreclosure sale …
Contracts-Liability Of Purchaser At Forclosure Sale For Obligations Of Forclosed Railroad
Contracts-Liability Of Purchaser At Forclosure Sale For Obligations Of Forclosed Railroad
Michigan Law Review
The BN Company executed a mortgage on certain railroad properties as security for a bond issue of the Company. Thereafter the Lehigh Company leased the mortgaged property for a term of 999 years. The lease stipulated that "all its covenants are to apply to the parties hereto, and to the several successors and assigns * * * of the parties or their properties." The lessee covenanted therein to indorse a guaranty of payment on the bonds of the BN Company. and did so indorse. Subsequently a mortgage executed by Lehigh prior to the lease with the BN Company, but which …
Contracts - Consideration - Forbearance To Exercise A Right
Contracts - Consideration - Forbearance To Exercise A Right
Michigan Law Review
Defendant was the assignee of a mortgage on a farm owned by the plaintiff. He gave newspaper notice of intent to foreclose, and ten days before the foreclosure period expired he signed and delivered to the plaintiff a writing in which he "agreed" to pay them three thousand dollars "providing said foreclosure of mortgage expires in my name." The foreclosure did so expire and this suit was brought to recover the money promised. Held, the promise is not enforceable, due to lack of consideration. Shaw v. Philbrick (Me. 1930) 151 Atl. 423.