Stock v. German Catholic Press Co.

Citations

• 230 Pa. 127
• 79 A. 414
• 1911 Pa. LEXIS 574

Syllabus

<p>Mortgage — Mortgage of leasehold — Recording—Acts of April %7, 1855, P. L. 868, April 8, 1868, P. L. 57, and May IS, 1876, P. L. 160.</p> <p>1. The authority to mortgage a leasehold estate in Pennsylvania is purely of statutory origin, and the statutes giving such authority, being in derogation of the common law, must be strictly construed and their requirements strictly complied with.</p> <p>2. Under the acts authorizing the mortgage of a leasehold the pledge is of the lease together with the buildings, fixtures and machinery belonging to the lessee and appurtenant to such lease; and the term of the lease measures the duration of the lien. The recording of the mortgage and lease is absolutely necessary to give validity to the lien.</p> <p>3. Where a lease and a mortgage of the lease are duly recorded and both mortgage and lease by their express terms expire on a date named, and the lease is extended after the expiration of the original term, but the extension of the lease is not recorded, the lien of the mortgage is not extended, but is lost on the date when the lease had expired by its terms; and this applies not only to the mortgage on the leasehold estate, but also to the lien upon the buildings and machinery belonging to the lessee.</p>