Chelsea National Bank v. Smith
New Jersey Court of Chancery
On bill for reformation of lease. Heard on bill, answer, replication and proofs. May 14th, 1904, one Jere H. Nixon and defendant executed a written agreement wherein? after a recitation that Nixon was about to acquire title to a property known as the Hotel Elwood at Atlantic City, it was agreed that upon receiving title Nixon was to execute a lease for the property to defendant dated March 1st, 1904, for the term of four years at the annual rent of $4,700. Then followed an…
Read the full summary
On bill for reformation of lease. Heard on bill, answer, replication and proofs. May 14th, 1904, one Jere H. Nixon and defendant executed a written agreement wherein? after a recitation that Nixon was about to acquire title to a property known as the Hotel Elwood at Atlantic City, it was agreed that upon receiving title Nixon was to execute a lease for the property to defendant dated March 1st, 1904, for the term of four years at the annual rent of $4,700. Then followed an enumeration of the times when the rent should be paid. The rent for the first year was divided into six payments to be…
1Opinion of the Court
Leaming, V. C.
The agreement cannot be treated as a present demise so as to afford complainant a legal remedy under it; for the agreement contemplates the execution of a formal lease, and by its terms title was to be acquired by the lessor before a demise could be made. Wood L. & T. § 183. It may be that a bill for the specific performance of the agreement would have been an appropriate remedy for complainant, as is forcefully urged by defendant; but I am entirely satisfied that the remedy by reformation of the lease, as here sought, can be appropriately awarded. The general *278rule of equity is…
2Cited by7 opinions
- Welch v. WelchSupreme Court of Arkansas · 1918
- Conduit Found. Corp. v. City of Atlantic CityNew Jersey Superior Court Appellate Division · 1949
- Colvocoresses v. W. S. Wasserman Co.Court of Chancery of Delaware · 1942
- C. H. Young Co. v. SpringerSupreme Court of Minnesota · 1911
- Volker v. the Conn. Fire Ins. Co.New Jersey Superior Court Appellate Division · 1952
2 more not listed; retrieve them via the Exa API.