Washington Industrial Bldg. Co. v. National Bank of Commerce

This action was begun by a bill of inter-pleader to determine the ownership of a deposit of $25,000 in the hands of W. S. K. Brown. The trial court determined that the National Bank of Commerce, formerly the National City Bank, was entitled to all of the fund except a small amount not now in controversy. The Washington Industrial Building Company, also claiming the fund, appeals from the decree. This money was deposited by James K. McDowall in compliance with the terms of a 99-year lease dated January 28, 1926, from Mary H. Murray et al. to James K. MeDowall, lessee. The lease, among other things, provided for the construction of a building upon the leased premises by the lessee. The lessee was required by the terms of the lease to furnish a surety bond in the sum of $175,000, guaranteeing the completion of the new building, and, be*fore the demolition of the building then upon the premises, agreed to make the deposit of $25,000 involved in this controversy. The terms of the lease with reference thereto are as follows:

The appellant bases its claim to the deposit upon an assignment of the lease. The first assignment of the lease was executed by J. K. MeDowall, the lessee, and his…