Michigan Trust Co. v. Lansing Lumber Co.
Michigan Supreme Court
Appeal from Ingham; Person, J. Bill by the Michigan Trust Company against the Lansing Lumber Company and Orlando M. Barnes to foreclose a trust mortgage. Prom a decree of foreclosure, but releasing defendant Barnes, complainant appeals. Defendant lumber company appeals from a final order denying its petition for an allowance for interest and expenses out of assets in the hands of the trustee.
1Opinion of the CourtHooker, J.
Some years ago there was a going concern known as the Lansing Lumber Company. It was indebted to a large amount, secured by negotiable paper, upon which defendant Orlando M. Barnes was an accommodation maker and indorser. In 1893 it became seriously involved, and on April 17th of that year gave mortgages on most of its property to Orlando M. Barnes to indemnify him. Subsequently, and about May 1, 1893, negotiations between it and its creditors, to which Orlando M. Barnes was a party, resulted in an arrangement whereby a 'trust deed or mortgage was given to the complainant to secure the…
2Cases cited3 opinions
- Michigan Trust Co. v. Lansing Lumber Co.Michigan Supreme Court · 1894
- Union Trust Co. v. Detroit Motor Co.Michigan Supreme Court · 1898
- Simons v. McDonnellMichigan Supreme Court · 1899