MORTGAGES - LIMITATION OF ACTIONS - DEFICIENCY DECREE ON BASIS OF COVENANT IN MORTGAGE WHEN ACTION ON NOTE BARRED

Authors

Donald M. Swope, University of Michigan Law SchoolFollow

Abstract

Defendant executed and delivered to plaintiff a promissory note and a mortgage securing it. The mortgage contained a covenant to pay $10,000 (the principal amount of the note) "according to the terms of a certain promissory note bearing even date herewith." Upon foreclosure it was held, three judges dissenting, that the mortgagee was entitled to a deficiency decree notwithstanding action on the note was barred by the statute of limitations. Guardian Depositors Corporation of Detroit v. Savage, 287 Mich. 193,283 N. W. 26 (1938).

Recommended Citation

Donald M. Swope, MORTGAGES - LIMITATION OF ACTIONS - DEFICIENCY DECREE ON BASIS OF COVENANT IN MORTGAGE WHEN ACTION ON NOTE BARRED, 37 Mich. L. Rev. 1340 (1939).
Available at: https://repository.law.umich.edu/mlr/vol37/iss8/30