Fox v. Detroit Trust Co.

On October 2, 1925, defendants Charles H. Stevenson and his wife executed a mortgage on the College Manor apartments, the property involved in this litigation, to the Detroit Trust Company as trustee, securing a bond issue in the aggregate principal amount of $130,000'.

Default occurred in the terms and conditions of the mortgage, and on December 3, 1929, the parties entered into an agreement, the portion thereof material to the issues here involved reading as follows:

“Now, therefore, in consideration of Detroit & Security Trust Company, trustee, forbearing from instituting' foreclosure…