Lee v. Perlberg

<p>Abstract of the Decision.</p> <p>1. Landlord and tenant, § 416*—when assignees’ agreement to perform covenants of lease not terminated by subsequent guaranty. Where assignees in an assignment of a lease assumed and agreed to make all payments and to perform all the covenants and took possession and later assigned the lease to another guarantying the performance of the covenants by their assignee, held that the execution of the guaranty by the assignees did not affect their liability under the assignment from the original lessee by which they assumed the obligations of the original lease, that they received possession of the premises and thereby a privity of estate with the lessor which was terminated by the assignment and transfer of possession to their assignee, but the privity of contract, their contractual liability to the lessor, was not thereby terminated.</p> <p>2. Guaranty, § 26*—when guarantor not discharged by delay in proceeding against maker. Mere delay in bringing suit or failure to use diligence in attempting to collect from the principal will not discharge the guarantor; to have such effect there must be a valid and binding agreement for an extension for a definite period entered into on a valid consideration.</p> <p>3. Appeal and error, § 1478*—when admission in evidence of foreign statute not prejudicial. Erroneous admission in evidence of a statute of another State which is only declaratory of the common-law rule in force in this State, held not prejudicial error.</p>