Kahn v. Deerpark Investment Co.

On April 2,1965, the Elm Investment Company owned a parcel of real estate located in Zion, Illinois, which will be referred to as “the Zion property.” On that date Elm executed a lease on the property in question. On June 1, 1965, the lease was assigned to Penn Mutual Life Insurance Company as security for Penn’s first mortgage on the Zion property. Penn appointed Hart, Shaw and Company (predecessor to Quinlan and Tyson) as its administrative agents of both the mortgage and the assigned lease. Under an agreement Elm was entitled to rentals collected by Hart which exceeded sums necessary to…