Case Name: Addison B. Moreland and Frank Moreland v. George N. Houghton, Anna H. Gardner, and Charles H. Van Wagoner
Court: Michigan Supreme Court
Jurisdiction: Michigan
Decision Date: 1893-07-25
Citations: 96 Mich. 346
Docket Number: 
Parties: Addison B. Moreland and Frank Moreland v. George N. Houghton, Anna H. Gardner, and Charles H. Van Wagoner.
Judges: 
Reporter: Michigan Reports
Volume: 96
Pages: 346–347

Head Matter:
Addison B. Moreland and Frank Moreland v. George N. Houghton, Anna H. Gardner, and Charles H. Van Wagoner.
[See 94 Mich. 548.]
Mortgage — Foreclosure.
Where the assignee of a mortgage assigns it as security for a debt, which is less than the amount due on the mortgage, he is. entitled to the excess, and; in a suit by his assignee to foreclose the mortgage, the decree should provide for the payment to him of the surplus, if any, arising on a sale of the mortgaged premises, to the amount of his claim.
Motion for a rehearing.
Submitted April 4, 1893.
Decided July 25, 1893.
Decree modified, and case remanded, for further proceedings according to the opinion. The facts are stated in the opinion, and in 94 Mich. 548.
Atwood & Caskey (E. F. Bacon, of counsel), for complainants.
Charles R. Mains, for appellant.

Opinion:
Per Curiam.
A motion for a rehearing having been made in this case, our attention is challenged to the fact that a larger sum was due upon the mortgage than the-amount due the complainants, and for the security of which it was • assigned to them. The appellant, Van. Wagoner, was entitled to this excess.
The case will be remanded to the court below to ascer tain and determine tbe amount actually due upon tbe mortgage, and tbe decree below will be modified to tbe extent that on the sale of tbe mortgaged premises, or on payment of tbe amount found due upon tbe mortgage into court, tbe money shall be applied, first, to tbe payment of tbe sum due complainants, with interest and costs; and, second, tbe balance, if any, shall be paid to tbe appellant, Yan Wagoner, to tbe amount of bis claim.
Neither party will recover costs in this Court.