Gila Water Co. v. International Finance Corp.

This was a suit by a landlord against a tenant and the mortgagee of the tenant to foreclose a lien for rent. Upon the final hearing, the court below found that the plaintiff leased to the defendant International Finance Corporation 5,770 acres of farming land in Maricopa county, Ariz., for the cropping season of 1924; that the lessee entered into possession of the leased premises, and farmed and planted 5,400 acres thereof to cotton, harvesting and picking therefrom 743 bales; that the value of the cotton thus harvested exceeded the balance dne for rent; that the cropping season for the year 1924 ended March 1, 1925; that by the terms of the lease the lessee agreed to pay to the lessor, as rental, $10 per acre for such portion of the 5,770 acres as might be farmed and planted to cotton; that $20,000 was to be paid at the commencement of the term, and the balance on October 25, 1924; that the $20,000 was paid as agreed, and that there was still due and owing the sum of $34,000, with interest; that subsequent to the commencement of this suit the defendant International Finance Corporation delivered to the defendant First National Bank of Los Angeles, at the compress in Phoenix,…