Holland v. Michigan National Bank-West

Plaintiffs appeal from a judgment of foreclosure entered by the circuit court following a bench trial. We affirm.

In June of 1975, plaintiff Donald Holland became interested in purchasing a franchise from Captain Chips Potato Ship, Inc., and approached defendant’s commercial loan office to arrange financing for the purchase and to cover the setup and operational costs. Defendant granted the $25,000 loan request.

Plaintiffs met with an officer of the bank for closing on the loan and executed a variety of documents, including a promissory note, a second mortgage on their home to secure the loan,…