Detroit Trust Co. v. Lieberwitz

The Detroit Trust Company as successor trustee was granted a decree of foreclosure on May 13, 1932, of a mortgage on property improved with a théater building in Detroit. The mortgage secured a bond issue on which $184,278.05 with interest at 6 per cent, from May 25, 1931, was due at the time thé decree was entered. Owing to market conditions, the foreclosure sale has not yet been held.

The taxes assessed against the property by the city of Detroit for the year 1928 had not been paid and on a tax sale the property was bid in by the city for $5,098.10, the amount of the 1928 taxes plus charges.…