Devereux v. . Burgwin

Peaesojí, J.

The parties, being tenants in common of valuable real estate, agreed upon a division, and executed a covenant to submit the valuation of the respective parts to the arbitration of Mr. Britton and Mr. Smith; but it was agreed, that either party might refuse to abide by the award, in which event the party refusing was to pay to the other the sum of $1000, which sum was declared to be stipulated damages, and not a penalty. The arbitrators made their award, and the defendants refused to abide by it; whereupon the plaintiff brings this action to recover the $1000.

In the covenant of…