Daybill v. Lucas

The fifteen trustees of the Fidelity Liquidating Trust pray specific performance of a contract whereby defendant, Lucas, agreed to buy from them land on Park avenue in Ridgewood. He refused to accept the tendered deed on the ground that it did not convey marketable title, inasmuch as it was executed by only two of the fifteen trustees in whom the joint title was vested.

The Fidelity Liquidating Trust grew out of the Fidelity Title and Mortgage Guaranty Company of Ridgewood. The court of chancery took charge of the affairs of that company and eventually directed a sale of its assets to the…