Heritage

This is a controversy between a lessor and the trustee in bankruptcy of lessees, over two participating certificates in North Pacific Finance Corporation for the sum of . $1,250. On May 23, 1922, the Seattle Rialto Theatre Company let certain premises in the city of Seattle to Stamm Bros. The lease recited that, for and in consideration, of two participating certificates in the North Pacific Finance Corporation for $1,250, together with an agreement on' the part of the lessees to pay promptly to the North Pacific Finance Corporation all installments accruing thereon, until the certificates became fully paid up, and in further consideration of the rents reserved, the lessor let the premises to the lessees for a term' of five years. In consideration thereof, the lessees covenanted to pay the rental of $40,500 in monthly installments extending over a period of five years; to promptly pay to the North Pacific Finance Corporation all assessments made or accruing on the' two certificates, which they had deposited with the lessor as a consideration for the lease, until such certificates were fully paid for, so that the lessor would at all times have good title thereto, and, in case of…