Union Guardian Trust Co. v. Zack

On June 13, 1924, defendant and ap-pellee, Morris Zack, gave a mortgage,, in which his wife joined, to the Guaranty Trust Company of Detroit on property in Detroit, improved with a three-story brick building containing 20 apartments and 5 stores, to secure 1Ó2 bonds aggregating $80,000. The maturity of the bonds ran from June 13, 1925, to June 13, 1929. The mortgage provided that it secured all bonds which might be executed in renewal or part renewal of those set forth in the mortgage. It also contained a provision assigning the rents upon default “at the option of said mortgagee, its…