Schram v. Coyne

PICARD, District Judge.

The facts in this case are not disputed. Back in 1926 one Adolph Deutsch and wife executed and delivered a promissory note and mortgage to the American State Bank of Detroit, in the principal sum of $2,500. They later sold the property by warranty deed to defendant, which deed expressly stated that the property was free and clear from all encumbrances except the above mortgage which defendant assumed and agreed to pay according to its “terms and stipulations”. The note and mortgage, properly assigned to plaintiff, was foreclosed by advertisement, he bidding in the same…