Answer

Thank you for your question.

What follows may not be what you want to read. However, please do not shoot the messenger. While I can control the quality of an answer, my control over the the content of an answer is restrained by the truth.

Unfortunately, if he leased it in his corporate capacity as the president of the company, the company remains obligated under the lease. Obligations of corporate officers survive the termination or retirement of the corporate officer. The law is designed this way to ensure that contracts actually retain their meaning. If a contract dissolved each time a responsible employee was terminated or retired, contracts would be unreliable and would cease to have value.

However, if he leased it as a private person, it is not the company's obligation.

If you need additional clarification of this response, please ask a follow-up question and I will be happy to clarify.

Good luck,
T

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