Sunday, April 28, 2013

In re Kerr case brief

In re Kerr case brief summary
29 F.Supp. 414

CASE SYNOPSIS: Petitioner bankruptcy trustee sought a review of the order of the court's referee that allowed rent to claimant landlord in the amount of $ 3,623. The trustee conceded that the landlord had a claim for $ 689.

FACTS: The bankrupts occupied a floor of a business building under a two-year lease commencing February 1, 1937. The bankrupts made an assignment for the benefit of creditors on April 7, 1937. On May 13, 1937, an involuntary petition in bankruptcy was filed. The bankruptcy adjudication was rendered on June 2, 1937. The landlord entered into a new lease with third parties for two years beyond the term of the bankrupts' lease and allowed the new tenants three and a half months' free rent.

ISSUE: Did the bankrupts' obligation terminate when the new lease was executed?

Yes, the court agreed with the trustee and reduced the landlord's claim to the amount due at the time the lease was surrendered by the execution of the new lease with third parties.

CONCLUSION: The court modified the referee's order to reduce the claim to the amount of unpaid rent prior to the surrender of the lease.
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