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Irving Trust Co. v. A. W. Perry, Inc., 293 U.S. 307 (1934)
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General SummaryThis case is from a collection containing the full text of over 16,000 Supreme Court cases from 1793 to the present. The body of Supreme Court decisions are, effectively, the final interpretation of the Constitution. Only an amendment to the Constitution can permanently overturn an interpretation and this has happened only four times in American history.
Irving Trust Co. v. A. W. Perry, Inc., 293 U.S. 307 (1934)
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Irving Trust Co. v. A. W. Perry, Inc. No. 22 Argued November 5, 6, 1934 Decided December 3, 1934 293 U.S. 307
CERTIORARI TO THE CIRCUIT COURT OF APPEALS
FOR THE SECOND CIRCUIT
Syllabus
1. A claim based upon a covenant in a lease which provides that the filing of a petition in bankruptcy by or against the lessee shall constitute a breach of the lease, that ipso facto and without entry or other action by the lessor, the lease shall be terminated, and that thereupon the lessor shall be entitled to damages equal to the amount of the rent reserved for the residue of the term less the fair rental value of the premises for the residue of the term, is provable in bankruptcy under §§ 1(11) and 63(a) and (b) of the Bankruptcy Act, as it was prior to the amendments of June 7 and 18, 1934. P. 311.
So held upon construction of the covenant as an agreement on the part of the tenant to pay as liquidated damages, in the event of the specified breach, an amount equal to the difference between the present fair value of the remaining rent due under the lease and the present fair rental value of the premises for the balance of the term.
2. The claim is not for rent reserved or upon the lease as such, but is one founded upon an independent express contract, and is within the very word of § 63(a)(4) of the Bankruptcy Act. Manhattan Properties, Inc. v. Irvin Trust Co., 291 U.S. 320, distinguished. P. 311.
69 F.2d 90 affirmed.
Certiorari, 292 U.S. 620, to review a judgment reversing a judgment of the District Court which affirmed an order of the Referee in Bankruptcy disallowing a claim based upon a covenant in a lease.
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Chicago: U.S. Supreme Court, "Syllabus," Irving Trust Co. v. A. W. Perry, Inc., 293 U.S. 307 (1934) in 293 U.S. 307 293 U.S. 308–293 U.S. 309. Original Sources, accessed November 22, 2024, http://originalsources.com/Document.aspx?DocID=PDMVHISEXVMFV35.
MLA: U.S. Supreme Court. "Syllabus." Irving Trust Co. v. A. W. Perry, Inc., 293 U.S. 307 (1934), in 293 U.S. 307, pp. 293 U.S. 308–293 U.S. 309. Original Sources. 22 Nov. 2024. http://originalsources.com/Document.aspx?DocID=PDMVHISEXVMFV35.
Harvard: U.S. Supreme Court, 'Syllabus' in Irving Trust Co. v. A. W. Perry, Inc., 293 U.S. 307 (1934). cited in 1934, 293 U.S. 307, pp.293 U.S. 308–293 U.S. 309. Original Sources, retrieved 22 November 2024, from http://originalsources.com/Document.aspx?DocID=PDMVHISEXVMFV35.
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