Associates Discount Corp. v. Tobb Co.

Plaintiff Associates Discount Corporation, as assignee of the lessor of a lease of personal property, recovered judgment against the defendant Tobb Co., Inc., as lessee, for the balance of rental unpaid thereunder. Defendant appeals.

The lease was evidenced by a written instrument dated December 20, 1960, between Capital Resources, Inc., an equipment leasing corporation, as lessor, and Tobb Co., Inc., the defendant, as lessee; was executed on behalf of the latter by Winton B. Oster, as president, and Roy P. Berrett, as secretary; incorporated an attached “Schedule,” also executed on behalf of defendant by Oster, as president, and Berrett as secretary, and hearing the corporate seal, which provided, among other things, that the lessee should pay lessor the sum of $1,250 per month rental for 60 months; and was assigned by Capital Resources to plaintiff, Associates Discount Cor poration, a commercial financing firm engaged in the business of obtaining leases at a discount.

Accompanying the lease and attached “Schedule” was a document entitled 1 ‘ Certified Copy of Resolution and Designation of Agents” executed by Berrett as secretary of defendant corporation and bearing its seal.…