Straus v. Central Detroit Realty Co.

This appeal is submitted to us as a settled case (Court Rule No. 66 [1933]). The facts are not in dispute. On November 30, 1928, defendant Central Detroit Realty Company executed to plaintiff-trustee a trust mortgage covering its long-term leasehold estates as lessee of land upon which is now located the Metropolitan building, Detroit, Michigan, to secure an issue of $900,000, 6 per cent., leasehold bonds. Subsequently the mortgagor’s leasehold interests became vested in appellant Metropolitan, Incorporated. Central Detroit Realty Company defaulted in making payments and on June 30, 1931,…