Open Access. Powered by Scholars. Published by Universities.®
Articles 1 - 2 of 2
Full-Text Articles in Law
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 …
Reformation Of Instruments-Mistake Of Facts Underlying Intention
Reformation Of Instruments-Mistake Of Facts Underlying Intention
Michigan Law Review
A debtor determined to mortgage all his property for the benefit of several creditors. His son, commissioned to draw the instrument, was informed that a note to the plaintiff, indorsed by the debtor, would be taken care of by the party primarily liable. So he intentionally omitted the plaintiff's note from the mortgage executed to the other creditors. The note was never paid. After foreclosure of the mortgage, leaving no surplus, the plaintiff sought reformation of the mortgage so as to be included as mortgagee, claiming that the debtor's intention to secure all bank creditors was not executed through mistake …