Burghard v. Detroit Trust Co.

Plaintiffs are the owners of the lessor’s interest in a 99-year lease, entered into by John J. Barium, as lessee, of the property at the southeast corner of Broadway and Grand River avenues in Detroit, known as the Merchants Building. Barium and wife in order to secure a bond issue of $1,250,000 gave Detroit Trust Company, as trustee for bondholders, a trust mortgage on the Lawyers Building, and on their leasehold interests in the Merchants Building and in three other valuable parcels of business property, all in Detroit. The mortgage empowered the trustee in the event of default to enter,…