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Mortgages - Foreclosure Sale - Possibility Of Setting Aside Sale Because Of Probable Higher Bid, James W. Mehaffy
Mortgages - Foreclosure Sale - Possibility Of Setting Aside Sale Because Of Probable Higher Bid, James W. Mehaffy
Michigan Law Review
A trust deed secured a loan of $85,000. The mortgage was foreclosed, the trustee authorized to bid at the sale, and an upset price of $12,500 fixed. A stranger made a higher bid than the trustee, and the property was sold to him for $40,100. The trustee now seeks a resale, offering evidence to show that the property could bring $50,000 to $60,000 if the trustee bought it, remodeled the building, and had time to find a suitable purchaser. There was no question of a deficiency decree. Held, that the lower court erred in refusing to confirm the original …
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 …