Equitable Trust Co. v. Simpson

In September, 1928, Charles N. Dailey and wife, being .the owners of the Lincoln Manor Apartments in Detroit, Michigan, executed a trust mortgage to the Gfuaranty Trust Company of Detroit, as trustee, to secure an obligation of $250,000 evidenced by senior bonds in the amount of $210,000 and junior bonds in the amount of $40,000. In December, 1931, plaintiff corporation was substituted. as successor trustee under the mortgage. Shortly thereafter, by reason of defaults occurring in the terms of the trust mortgage, plaintiff filed its bill of complaint for the foreclosure of the mortgage.

During…