Slowmach Realty Corp. v. Leopold

Plaintiff is mortgagee of a leasehold and assignee of the landlord’s cause of action against the defendant Leopold under a guaranty of performance by the tenant of the terms of the lease. Plaintiff sued Leopold, first, on the assignment, and, second, on the theory of subrogation to the rights of the landlord. The plaintiff paid the rent to protect the mortgage after the tenant’s default and defendant Leopold’s refusal to honor his guaranty.

Defendant Leopold, in his answer, admits the making of the contract of guaranty but sets up three defenses. The first defense pleads that as surety for, or…