Smith v. First National Bank & Trust Co.

Plaintiffs appeal as of right from an order granting summary disposition in favor of defendant First National Bank and Trust Company of Sturgis on Counts n and in of plaintiffs’ complaint pursuant to MCR 2.116(C)(10). We reverse.

In 1982 defendants William G. Steger and Kathryn Steger sold a house located in St. Joseph County to plaintiffs for $185,000 on a land contract. Plaintiffs’ down payment consisted of their summer cottage, valued at $85,000, plus $20,000 in cash. The remaining $80,000 was to be paid in monthly payments of $733 at eleven percent interest. The monthly payments were to be…