111 N.Y.S. 347 | N.Y. Sup. Ct. | 1908
This is an action brought by the receiver of a defunct corporation" to set aside a chattel mortgage made by the said corporation, upon the assertion that the giving of such a mortgage was in violation of sections 2 and 48 of the Stock Corporation Law. In July, 1904, William Gum and Andrew Grant were the owners of premises Uos. 208 and 210 West Fifty-sixth street, in this city, and on that date they executed a lease of said premises to one Annie M. Anderson, and on or about the same date, the said Gum and Grant being owners of certain chattels in or about the hotel premises, sold same and transferred them to said Anderson, who simultaneously executed a chattel mortgage thereon for $7,500. By the nineteenth clause of said lease the tenant was to secure the landlord for the performance of the conditions of the lease on her part to be performed by giving this chattel mortgage for $7,500 covering not only the household furniture which she had purchased and which was located in the hotel premises, but other personal property located in Ho. 60 West Thirty-ninth street. By another clause of the lease it was provided as one of the conditions of the lease, among other things: “That on or before July 1 in each and every year of the term demised the tenant would execute, make and deliver a new chattel mortgage,” etc., so as to entitle it to be filed and to be a first lien upon the said premises. By another clause of said lease it was stipulated “ that the failure of the landlord to insist upon a strict performance of any of the covenants and conditions shall not be asserted as a waiver or relinquishment for the future of any such covenant or condition,” etc. About four days after the execution of this lease, and on or about July 27, 1904, said Anderson transferred her entire interest in the lease to the Sterling Hotel Company, and at the same time transferred to them all the
Complaint dismissed upon the merits and judgment rendered for the defendant.