Makar v. Peoples Wayne Cnty. Bank of Dearborn
| Decision Date | 06 June 1938 |
| Docket Number | No. 27.,27. |
| Citation | 280 N.W. 31,284 Mich. 489 |
| Parties | MAKAR v. PEOPLES WAYNE COUNTY BANK OF DEARBORN. |
| Court | Michigan Supreme Court |
OPINION TEXT STARTS HERE
Petition for a moratorium by Joseph Makar against the Peoples Wayne County Bank of Dearborn. From an order restraining the defendant from prosecuting the foreclosure of a mortgage and taking possession upon the expiration of the period of redemption, the defendant appeals.
Order affirmed.Appeal from Circuit Court, Wayne County, in Chancery; Robert M. Toms, judge.
Argued before the Entire Bench.
Miller, Canfield, Paddock & Stone, of Detroit, for appellant.
Alex J. Budny, of Detroit, for appellee.
On March 30, 1927, Joseph Makar and Amelia Makar, his wife, gave a real estate mortgage to the Wayne County and Home Bank of Fordson, now known as the Peoples Wayne County Bank of Dearborn, to secure payment of the sum of Five thousand ($5000.00) Dollars. Because of default, defendant foreclosed and on August 14, 1936, bid in the property for the sum of Six thousand four hundred forty-one and 55/100 ($6441.55) Dollars at the mortgage sale. Expiration of the period of redemption was August 14, 1937. On July 29, 1937, plaintiff field a petition for moratorium in the Circuit Court for Wayne County, and an order was issued requiring defendant to show cause why the relief prayed should not be granted. On August 13, 1937, the Circuit Court after hearing the parties entered an order restraining defendant from prosecuting the foreclosure of mortgage and taking possession upon the expiration of the period of redemption, conditioned upon plaintiff's paying the sum of Sixty ($60.00) Dollars per month, and further requiring plaintiff to commence immediately the making of certain necessary repairs, the cost of same to be deducted from the monthly payments and plaintiff to be given credit therefor.
On August 30, 1937, defendant filed an answer to plaintiff's bill of complaint and after application for leave to appeal from the order entered, filed claim of appeal from the Circuit Court on October 20, 1937. At the time of the mortgage sale on August 14, 1936, no principal payments had been made on the mortgage for a period of 98 months and the principal had been reduced only in the amount of Seven hundred fifty ($750.00) Dollars since the execution of the mortgage. Interest had not been paid since June 1, 1932. Defendant had paid Nine hundred seventy and 35/100 ($970.35) Dollars in taxes prior to the foreclosure sale. Other taxes in the amount of approximately One hundred twenty ($120.00) Dollars had accrued since the sale. The estimated value of the property was Seven thousand ($7000.00) Dollars at the time the order of the court was entered.
On appeal it is claimed by the defendant that the Circuit Court abused its discretion in granting plaintiff relief and that the order extending the redemption period impaired the obligations of the mortgage contract in violation of the federal and state constitutions. U.S.C.A.Const. art. 1, § 10; Const.Mich. art. 2, § 9.
Granting of relief under the moratorium act (Pub. Act No. 1 of the Michigan Public Acts of 1937) is a matter of discretion for the trial court and will be sustained...
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