Mutual Benefit Life Ins. Co. v. Wetsman

Joseph Wetsman was the owner of a 30-apartment building in Detroit. On December 7, 1927, he and his wife, referred to herein as defendants and cross-appellants, executed and delivered a mortgage for $75,000 to the Mutual Benefit Life Insurance Company. The mortgage and mortgage notes provided for semi-annual payments, beginning with July 1, 1929, in the amount of $2,000 each, and for payment in full January 1, 1933. The final payment was evidenced by a note in the amount of $61,000. An acceleration clause in the mortgage provided that at the mortgagee’s option the mortgage debt would become…