Cousins v. Melvin F. Lanphar & Co.

This is a suit for specific performance of a land contract. The facts have been stipulated. On February 26, 1938, the Highland Park State Bank as seller entered into an executory contract with plaintiffs for the sale of a house and lot in the city of Detroit for the sum of $6,250 with a down payment of $937.50 and the balance to be paid in monthly instalments of not less than $54 including interest with the proviso that the purchase price should be paid in full within 10 years from date.

The contract also provided:

"4 (a) That the bank or its assigns may at any time encumber said land by…