Union Guardian Trust Co. v. Nichols

Defendants Nichols and Reid purchased certain property in Monroe county, Michigan, but still owed defendant Hoyt a considerable amount on the purchase price of part of the property. These three defendants sold and deeded the property to the Lagoona Beach Company, which in turn executed its notes and a purchase-money mortgage in the sum of $305,000, all running to the Union Trust Company of Detroit, Michigan. The trust company subsequently changed its name to Union Guardian Trust Company, plaintiff herein. The $305,000 was divided into serial notes, $35,000 being payable on September 1, 1927,…