Judd v. Mutual Bank & Trust Co.

The lease, in addition to the customary general clause providing for re-entry and termination by the lessor in case of default in payment of rent or any of the covenants, contained the following provision: “This lease is made further upon the express condition that in the event of any assignment for the benefit of the creditors of the party of the second part for voluntary or involuntary liquidation, that forthwith and immediately this lease shall expire and terminate and the party of the first part be entitled to immediate possession and occupancy of the within premises.” The principal issue…