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Principal And Surety - Discharge Of Surety For A Lessee By Assignment Of The Lease, H. Martin Peckover

Michigan Law Review

Lands set aside by statute as common property of the Chickasaw and Choctaw Indian tribes were, pursuant to an act of Congress, leased to one Gunther by mining trustees of the tribes. The lease contained covenants to pay "stipulated annual advance royalties," and also provided that no assignment should be made without the consent of the trustees "subject to the approval of the Secretary of the Interior." Defendant surety company executed a bond for the faithful performance of the terms of the lease, and the same was duly approved. Then Gunther, with the consent of the trustees, but not the …