Keusch v. Morrison

This action is brought by the assignee of a tenant’s interest in certain security deposited under a lease for the accrued interest or income on that security.

The facts are not disputed. It is conceded that the lease provides for the payment of the interest earned annually on the securities which were deposited by the tenant at the time the lease was made on January 15, 1920. The specific clause provides as follows: “ The lessee shall deposit with the lessor U. S. Liberty Bonds of the par value of $10,000 as security for the faithful performance of all the terms, covenants and conditions on…