Ardesco Oil Co. v. North American Oil & Mining Co.

Citations

• 66 Pa. 375
• 1871 Pa. LEXIS 45

Syllabus

<p>1. A lessee, from a lessor whose premises were subject to forfeiture for non-payment of a coal royalty and other debts, much being in arrear, in consideration of the lease covenanted to pay the royalty in arrear and accruing rent and the other debts. Suit was brought on his covenant, he could not set off debts due by the lessor to him.</p> <p>2. A party may debar himself by agreement express or implied from pleading a set-off.</p> <p>3. A covenant being under seal an action upon it can be brought only in the name of the covenantee.</p> <p>4. Such suit may be for the use of those beneficially interested; the court will control the execution, so that the money shall be appropriated as agreed on.</p> <p>5. The sums to be paid to others were not rent, but were payable immediately or within a reasonable time, being the consideration, of the grant.</p> <p>6. The lessee by the covenant as between him and the lessor became the principal debtor and the lessor the surety.</p> <p>7. As soon as a surety’s obligation becomes absolute he may require the principal to exonerate him, although the creditor may not have demanded payment.</p> <p>8. Vesting a separate equity jurisdiction in the courts has not changed the rule that equity is part of the law of Pennsylvania and may be administered by common-law forms.</p> <p>9. The obligee in a bond to indemnify against claims may sue as soon as a claim is made, without waiting for judgment or even till a suit be commenced.</p> <p>10. A corporation unless expressly restrained by law has an unlimited power over its property and may dispose of it as fully as a natural person.</p> <p>11. An insolvent corporation may make an assignment for the benefit of creditors; the power may be exercised by its directors.</p> <p>12. Omne majus continet in se minus, applied.</p> <p>13. Reed v. Penrose, 12 Casey 214, remarked on.</p>