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Full-Text Articles in Banking and Finance Law
Security-Distribution Of Proceeds
Cognovit Notes-Collateral Security
Bills And Notes - Liability Of "Irregular Lndorser" Of Chose In Action, Gerald L. Stoetzer
Bills And Notes - Liability Of "Irregular Lndorser" Of Chose In Action, Gerald L. Stoetzer
Michigan Law Review
Trustee bank, for the purpose of refinancing a mortgage on trust property, executed a trust deed and instrument, designated as the "principal note," which disclaimed personal liability of trustee and beneficiaries, expressly providing that the sole remedy upon default of payment of "note" or interest installment should be by foreclosure of the trust deed. Before delivery, the beneficiaries of the trust indorsed the "note" though not parties thereto. Upon default the holder brought this action against one of the beneficiaries on his anomalous indorsement. Held, (1) that the "note" was a mere chose in action; (2) that an irregular …