Bulman v. McCrane
New Jersey Supreme Court
312 A.2d 857 (1973)

- Written by Sean Carroll, JD
Facts
The State of New Jersey entered a 25-year lease on a building that was to be built on state-owned land. Under the terms of the agreement, the state had options to purchase the building at stages throughout the 25-year term. If the state did not purchase the building during the term of the agreement, title to the building would revert to the state at the end of the term. Further, under the terms of the agreement, the lessor paid the taxes and maintained the exterior of the building and the building’s usability for the state’s purposes. The state maintained the interior of the building. The chancery court held that the agreement was an installment contract of purchase, not a lease. The court ruled that because the state was effectively taking on an obligation to buy the building by another name, the obligation constituted debt subject to the state’s constitutional debt limit. The state appealed.
Rule of Law
Issue
Holding and Reasoning (Conford, J.)
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