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Mortgages - Limitation Of Actions - Deficiency Decree On Basis Of Covenant In Mortgage When Action On Note Barred, Donald M. Swope
Mortgages - Limitation Of Actions - Deficiency Decree On Basis Of Covenant In Mortgage When Action On Note Barred, Donald M. Swope
Michigan Law Review
Defendant executed and delivered to plaintiff a promissory note and a mortgage securing it. The mortgage contained a covenant to pay $10,000 (the principal amount of the note) "according to the terms of a certain promissory note bearing even date herewith." Upon foreclosure it was held, three judges dissenting, that the mortgagee was entitled to a deficiency decree notwithstanding action on the note was barred by the statute of limitations. Guardian Depositors Corporation of Detroit v. Savage, 287 Mich. 193,283 N. W. 26 (1938).
Bills And Notes - Alteration -Additional Maker As A Material Alteration, John M. Ulman
Bills And Notes - Alteration -Additional Maker As A Material Alteration, John M. Ulman
Michigan Law Review
Defendant A made and delivered the note in question in 1921, payable in two years. In 1931 after the death of the payee, the note was duly assigned to plaintiff. When plaintiff received the note, the signature of defendant B appeared below that of A. The court found that B's signature had been added by someone unknown claiming a benefit under the note after delivery and for the purpose of giving a greater security to the note and that neither defendant authorized or had any knowledge of the addition of B's name. The plaintiff sued both defendants …