Grover v. Gratiot MacOmb Development Co.

In 1924 Edmnnd A. Wood sold his farm to the defendant. He received $5,000 in cash and took back a purchase price mortgage.for $41,000. The mortgage note signed by defendant reads (so far as material) as follows:

“This note is secured by a real estate mortgage of even date and is without recourse only as to the mortgage.

“$41,000 Detroit, Mich., April 25, 1924.

“On or before ten (10) years after date we promise to pay to the order of Edmund A. Wood Pay $41,000 and 00 cts.-dollars. * * *

“Value received with six per cent, interest per annum payable semi-annually from July 1, 1924.”

The property was…