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DRAFT FOR ATTORNEY REVIEW — NOT FINAL

Alexander v. Theatre Realty Corporation, 70 S.W.2d 380 (1934)

Citation
Alexander v. Theatre Realty Corporation, 70 S.W.2d 380 (1934)
Parent Document
Alexander v. Theatre Realty Corporation, 70 S.W.2d 380 (1934)
Jurisdiction
Kentucky (state)
Effective Date
1934-03-23

Other Sections in This Document (72)

Full Text

1,274 chars
Lessor declining to consent to the suggested rental reduction, appellee lessee began to look for a purchaser of the lease. To this end it was offered to Mr. Hieatt at the price of $5,000, which he declined for the reason that he was “broke” and unable to raise such an amount. The price was then reduced to $1,000, which he again found he was unable to raise, whereupon it was finally agreed that he would organize the Mercantile Realty Company, through which he would purchase and take over assignment of this lease, when $250 of its paid-in capital was paid by it to the Theatre Realty Corporation for its “out and out” assignment of the lease to it. Such assignment was made it June 20, 1932, in formal and strict compliance with the quoted provisions of clause 16 of the lease authorizing its assignment, in the stated mode and manner, with release of lessee from personal liability thereunder.' Written notice was thereupon given appellant of the assignment and she was further notified that, by reason thereof, appellee claimed release from all liability for the payment of future rent. It is admitted that this assignment was made by lessee to an insolvent assignee for the avowed purpose of thereby securing release from the liability for the payment of future rent.