Morley v. University of Detroit

This is a suit upon three $1,000-bonds and four $25-interest coupons. The bonds are numbered M. 204, M. 210, and M. 250. They are of a series issued by the University of Detroit secured by a trust mortgage to the Fidelity Trust Company, as trustee, and payable at the trustee’s office in the city of Detroit.

The defendant admits liability on the bond M. 250, but, in respect to the remaining bonds and interest coupons, claims payment and discharge by reason of having deposited sufficient money for .that purpose with the trustee before the maturity date; and by reason of the failure .of the…