Opinion
12-29-1931
CAMDEN SAFE DEPOSIT & TRUST CO. v. ATLANTIC PROPERTIES, Inc., et al.
George Reynolds, of Camden, for complainant and receiver. Cassman & Gottlieb, of Atlantic City, for petitioner Stanley Atlantic Realty Co.
Suit by the Camden Safe Deposit & Trust Company against the Atlantic Properties, Incorporated, and others, in which a receiver was appointed, and the Stanley Atlantic Realty Company asserted a claim, which the receiver disallowed.
Claim ordered paid.
George Reynolds, of Camden, for complainant and receiver.
Cassman & Gottlieb, of Atlantic City, for petitioner Stanley Atlantic Realty Co.
INGERSOLL, Vice Chancellor.
A claim was filed by the Stanley Atlantic Realty Company against the receiver for the sum of $60.50. This is for commission at 5 per cent. upon rents collected from tenants of the mortgaged premises.
At the time of the appointment of the receiver, three certain tenants were in possession of portions of the mortgaged premises by virtue of certain leases, in each of which said leases was a provision that the Stanley Atlantic Realty Company should receive 5 per cent. of the amount of rent collected; it, the Stanley Atlantic Realty Company, being the agent which secured these tenants. The Court of Errors and Appeals, in the case of Atlantic Realty Co. v. Lott, 88 N. J. Law, page 695, 97 A. 721, in a per curiam opinion, affirmed the Supreme Court, in which such a contract was held enforceable.
It, of necessity, follows that from the rent actually paid by the tenants, 95 per cent. belonged to the lessor and 5 per cent. to the agent. The appointment of a receiver did not change the legal effect of these leases. The amount of $60.50 collected by the receiver will, therefore, be paid to the Stanley Atlantic Realty Company.