Detroit Trust Co. v. Slack

May 1, 1925, Richard A. Slack, Jr., and wife, being owners of the Gladstone Hotel in Detroit, executed a trust mortgage to the Security Trust Company, as trustee, which mortgage covered the fixtures, furnishings, and hotel equipment in addition to the real estate. This first mortgage was executed to secure an issue of bonds in the sum of $120,000. Subsequently, Slack and wife executed a second mortgage on the real estate mentioned and described in the first mortgage to the Atlas Finance Company who at a later date began foreclosure proceedings and acquired title and possession of the premises…