Standard Fireproof Building Co. v. Carpenter

DRAPEAU, J. pro tem.

In 1912, the then owner of valuable business property on West Seventh Street in the city of Los Angeles leased it for the term of 99 years. In this action the present lessee, successor to the original lessee, seeks authorization to assign the lease to a trustee.

To understand the situation, it is necessary to set forth some of the history of the lease. The plaintiff, Standard Fireproof Building Company, a corporation, is the present owner of the lessee’s interest. This is a bare legal title, the corporation being required to pay to a charitable trust all of the lessee’s…