Sears, Roebuck & Company v. Detroit Federal Savings & Loan Ass'n

This case comes before this Court upon leave granted from a circuit court judgment affirming the district court’s grant of summary judgment in favor of the plaintiff. The facts are not in dispute. On April 2, 1973, Dale A. Hicks, Inc., a Michigan corporation, executed a promissory note to the defendant-appellant, Detroit Federal Savings and Loan Association, in the amount of $759,000. The funds were disbursed to Hicks for the purpose of constructing and equipping a condominium project located in the City of Fenton in Genesee County. To secure payment of the amount loaned, Hicks executed a…