Equitable Trust Co. v. Wetsman

Michigan Supreme Court

Equitable Trust Co. v. Wetsman

249 N.W. 480, 264 Mich. 26, 1933 Mich. LEXIS 945

CourtMichigan Supreme Court

DecidedJune 29, 1933

DocketDocket No. 160, Calendar No. 36,794.

StatusPublished

Cited by1 cases

This text of 249 N.W. 480 (Equitable Trust Co. v. Wetsman) is published on Counsel Stack Legal Research, covering Michigan Supreme Court primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Equitable Trust Co. v. Wetsman, 249 N.W. 480, 264 Mich. 26, 1933 Mich. LEXIS 945 (Mich. 1933).

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Opinions

The bill of complaint herein was filed to foreclose a mortgage executed on December 1, 1924, by the defendants Joseph Wetsman and Bessie Wetsman, his wife, and Harry Selzer and Minnie Selzer, his wife, to "the Guaranty Trust Company of Detroit," mortgagee, to secure the payment of 164 bonds, amounting in all to the sum of $120,000. In it the plaintiff alleges that the mortgage was executed and delivered to the "Guaranty Trust Company of Detroit, trustee," and that by an order of the court the plaintiff was "duly appointed successor-trustee under said mortgage." A copy of the mortgage was annexed thereto. The appointment of a receiver was prayed for.

The trial court, basing decision on our holding in UnionGuardian Trust Co. v. Rau, 255 Mich. 324, denied the motion therefor. Plaintiff has appealed.

The mortgage did not run to the mortgagee as trustee, nor do we find any provision in it creating such a relation.Nusbaum v. Shapero, 249 Mich. 252, is not applicable to the facts here presented. *Page 28

Order affirmed. Costs to appellees.

CLARK, NORTH, and WIEST, JJ., concurred with SHARPE, J.

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The bill of complaint herein was filed to foreclose a mortgage executed on December 1, 1924, by the defendants Joseph Wetsman and Bessie Wetsman, his wife, and Harry Selzer and Minnie Selzer, his wife, to "the Guaranty Trust Company of Detroit," mortgagee, to secure the payment of 164 bonds, amounting in all to the sum of $120,000. In it the plaintiff alleges that the mortgage was executed and delivered to the "Guaranty Trust Company of Detroit, trustee," and that by an order of the court the plaintiff was "duly appointed successor-trustee under said mortgage." A copy of the mortgage was annexed thereto. The appointment of a receiver was prayed for.

The trial court, basing decision on our holding in UnionGuardian Trust Co. v. Rau, 255 Mich. 324, denied the motion therefor. Plaintiff has appealed.

The mortgage did not run to the mortgagee as trustee, nor do we find any provision in it creating such a relation.Nusbaum v. Shapero, 249 Mich. 252, is not applicable to the facts here presented. *Page 28

Order affirmed. Costs to appellees.

CLARK, NORTH, and WIEST, JJ., concurred with SHARPE, J.

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Bluebook (online)

249 N.W. 480, 264 Mich. 26, 1933 Mich. LEXIS 945, Counsel Stack Legal Research, https://law.counselstack.com/opinion/equitable-trust-co-v-wetsman-mich-1933.

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