Madill v. Michigan National Bank

On May 10, 1938, plaintiffs, J. Dale Madill, Irene Isabelle Madill, and Clara Day Madill, borrowed the sum of $11,200 from the Saginaw State Bank, whose successor is the Michigan National Bank, the defendant. As security for this loan plaintiffs executed a mortgage upon property in the city of Midland, which mortgage was recorded without payment of the mortgage tax. The mortgage contained a statement that it was to be insured by the Federal housing administration, and, because of 3 Comp. Laws 1929, § 3641, as amended by Act No. 14, Pub. Acts 1935 (Stat. Ann. § 7.422), was not subject to the…