Detroit Trust Co. v. Hart

In 1923, Abraham J. Hart and wife, the then owners of certain real estate in the city of Detroit, executed a mortgage in the sum of $100,000 to the Federal Bond & Mortgage Company, Incorporated, as trustee. In November, 1930, this mortgage had been reduced to about $64,000. During the early part of the year 1931, a committee for the protection of the holders of bonds sold by the Federal Bond & Mortgage Company was formed and in December of the same year the Detroit Trust Company, plaintiff and appellant herein, was appointed its successor trustee. In April, 1932, a bill of complaint was filed…