Lincoln Crest Realty, Inc. v. Standard Apartment Development of West Allis, Inc.

The threshold question to be decided is to whom did the balance in the checking account belong on February 3, 1971, the date of Midland’s offset. If the deposited sum had vested in Lincoln Crest under the terms of Standard’s assignment to it, Midland could not offset that sum as being the property of Standard. Whether that assignment to Lincoln Crest had been accomplished is dependent upon the terms of the lease. The relevant portion of the lease provides:

“. . . such assignment shall become operative and effective only in the event that this lease and the term thereof shall be terminated or…