Usher v. the Sarco Co. of N.J.

Proof of claim by Morris Rudner, as creditor, against the insolvent corporation was filed with the receiver and disallowed by him. The creditor appeals.

The claimant leased certain premises to the defendant corporation on March 10th, 1925, for ten years at a rental of (roughly) $5,000 a year, payable monthly. The lease contained a re-entry clause for default in payment of rent, and a provision that if the lessee should assign the lease or sublet or underlet any part of the premises, "it shall continue liable to the lessors for such rent as shall be due and unpaid by the assignee or sublessee."

T…