Levine v. Katz

This is a suit in assumpsit on a bond secured by a trust mortgage. The facts are before us by stipulation of counsel. Defendant executed a mortgage on property in the city of Detroit to the Guaranty Trust Company of Detroit, Michigan, as trustee, to secure an issue of bonds payable to the Guaranty Trust Company, Detroit, trustee, or bearer; or if the bond be registered, then to the registered owner. The agreemeiits and conditions printed on the bond showed that it was sold and guaranteed against loss by the Guaranty Investment Company. On the back of the bond was an indorsement to the effect…