Cox v. Ann Arbor Savings Bank

Plaintiff, being the owner of a small piece of property in the business section of the city of Ann Arbor, executed a mortgage thereon in the sum of $10,000 to the defendant Ann Arbor Sav ings Bank. Tlicre was default under the terms of the mortgage, foreclosure by advertisement, and on November 2, 3935, the bank purchased the property at the foreclosure sale for $12,525.27, this being the full amount of the mortgage indebtedness, including taxes theretofore paid by the mortgagee. In February, 1936, the bank transferred its interest in this property to the defendant Federal Deposit Insurance…