McGregor v. Mooney

Defendants leased from plaintiff a building in Detroit for a term of years at $300 per month and left with plaintiff $500 in United States bonds as security for performance. Defendants sublet to another, as they had a right to do, and took a chattel mortgage from such other, covering property placed in the building, which mortgage was later on September 24, 1922, foreclosed. Chaffee & Company, a corporation, was the purchaser at the foreclosure sale. About this time, being early in the term of the lease, it appeared that defendants could not pay, profitably, a rent of $300 per month. There…