Giblin v. Detroit Trust Co.

Julius Berman, the owner of certain property known as La Tourain Apartments, located at 691-693 Seward avenue, Detroit, Michigan, constructed a building thereon in 1922, and in order to pay the cost of construction, he issued bonds in the amount of $150,000 secured by a mortgage to the Federal Bond & Mortgage Company. This was consummated in May, 1922, and in- October of the same year he gave a second mortgage to Gertrude Becker to secure a loan of $20,000 on the same property.

In August, 1923, he and his wife conveyed the property by warranty deed to Louis Schmied subject, however, to the two…