Law Commons^™

Mortgages-Assumption-Liability Of Grantees To Mortgagor

Michigan Law Review

Three successive grantees to a plot of land purchased it subject to a first and second mortgage and assumed the obligation to pay the notes which the mortgages secured. Foreclosure proceedings by the first mortgagee absorbed the entire value of the land. The second mortgagee then extended the time payment on the note to the last grantee without the consent or knowledge of the mortgagor or of the intermediate grantees. Such action released the intermediate grantees from liability on the note, for they were only secondarily liable, but did not release the mortgagor, for he as maker was primarily liable …