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Mortgages-Sale Under Trust Deed Mortgage For Inadequate Price-Effect

Michigan Law Review

The defendant, administrator of the estate of the mortgagee, bought the mortgaged property at the foreclosure sale for one thousand dollars. He bought for himself and not for the estate. He sold the property to a third party for three thousand five hundred dollars. The plaintiff mortgagor brought this suit to compel the defendant to account for the two thousand five hundred dollar difference between the price he paid for the property, and the amount he received for it, allowing a credit for the amount still due on the plaintiff's note-two thousand dollars. Held, where, as in this case, …