Guardian Depositors Corp. v. Wagner

This is an appeal from an order dismissing the hill of complaint as to defendants Wagner.

On May 15, 1926, defendants Wagner executed a promissory note in the sum of $12,500 to The Bank of Detroit, payable on May 15, 1929. The note bore interest at six per cent, per annum, payable on October 1, 1926, and semi-annually thereafter. At the same time the Wagners executed a mortgage on certain real property in which they covenanted to pay the principal and interest as stated above. On September 1,1926, defendants Wagner gave a warranty deed to defendant Philip Baker, in which the latter assumed and…