A very similar situation is presented in the case of Shuey v. Mulcrevy, supra. The Oakland & Antioch Railway issued its coupon bonds secured by a mortgage or deed of trust *52 on its properties. It subsequently leased its properties to the Oakland, Antioch & Eastern Railway. As one of its considerations the lease provided that the lessee would pay "'interest on the bonded indebtedness hereinbefore referred to, and do, keep and perform each and all the covenants, terms and conditions of the mortgage or deed of trust securing the bond issue hereinbefore referred to, including the payment of said bonded indebtedness as the same matures and is due and payable'". The petitioner became the holder of some of the past due interest coupons and commenced action instated, the Oakland, Antioch & Eastern Railway took over the property of the Oakland & Antioch Railway subject to a mortgage, and as part of the transaction agreed to 'pay the interest ... on the bonded indebtedness ... and ... perform all the covenants ... of the mortgage or deed of trust securing the bond issue'. By this clause of the agreement under the rule adopted in this and many other jurisdictions the Oakland, Antioch & Eastern Railway assumed the obligation of the Oakland & Antioch Railway so far as the payment of the interest on the bonds was concerned, thereby becoming the principal debtor as between the two railway corporations, and the Oakland & Antioch Railway the surety; and if the mortgagee or a beneficiary under the