Guardian Depositors Corp. v. Savage

As I understand the opinion of Chief Justice Wiest, the gist of his holding is: “The (mortgage) note remains the sole personal obligation;” notwithstanding the mortgagor’s specific covenant in the mortgage to pay the mortgage debt; and from this the conclusion is reached that suit on the obligation is barred by the six-year statute of limitations (3 Comp. Laws 1929, § 13976 [Stat. Ann. § 27.605]). No authorities supporting this conclusion are cited, and none have been called to our attention which squarely sustain it. Further, no good reason appears for holding that the mere simultaneous…