Lorber v. Bankers Trust Co.

Plaintiff claimed ownership of participation certificates issued by defendant in a $74,000 note and mortgage given to defendant on an apartment building in Detroit, Michigan. The certificates, of which they were a series, assigned an interest in the note and mortgage and irrevocably appointed defendant as plaintiff’s agent to collect, receive and receipt for all sums upon the mortgage and its ac companying note as they matured, and upon the full payment to discharge the mortgage; to collect and adjust all claims for loss or damage by fire; to exercise all privileges and options of the…