Wallace v. Guaranty Trust Co.

The first question to be considered in this appeal is: Which of the parties, the plaintiff, Wallace, or the defendant Detroit Trust Company, has the right to foreclose a trust mortgage given by Jack Golden to the Guaranty Trust Com pany of Detroit to secure a bond issue of $15,000? When Mr. Golden defaulted, the Guaranty Trust Company, trustee, was in the hands of the Detroit Trust Company as receiver, appointed by the circuit court on application of the State banking commissioner under 3 Comp. Laws 1929, § 12028. In an order subsequently made by the court the receiver was given authority to…