Michigan Trust Co. v. Land Owners Ass'n

Sometime prior to November 1, 1923, the date of the mortgage involved in this suit for foreclosure, one Perkins was the owner of the majority of the outstanding capital stock in the Grand Beach Company, which in turn owned 54 per cent, of the capital stock of the Land Owners Association. Both corporations were organized for the purpose of conducting a summer resort business on the shores of Lake Michigan in Berrien county. The property owned by the Grand Beach Company was subject to a mortgage to the Chicago Title & Trust Company and one Frank Gardner as trustees, which mortgage had been…