Ice Service Co. v. Phipps Estates

The decision of the Appellate Division in this case was rendered before we had handed down our decision in Moore v. Eadie (245 N. Y. 166). We there held that appraisers appointed to value buildings under a lease similar to that in this case were not confined to a single method of valuation in the absence of any instruction on the subject or anything in the lease indicating otherwise, as long as they acted fairly and within the terms of the submission. Their report, we held, must be final, in the absence of fraud or a clear misconception of their duties, especially where the parties had agreed…