New York Court of Appeals
Greason v. . Keteltas.
June 5, 185817 N.Y. 491
Summary
The Court affirmed the lower court's judgment, holding that trustees may lawfully grant leases extending beyond the duration of the trust estate, that the renewal covenant in the lease is a personal obligation binding on successor trustees, and that specific performance of an arbitration covenant is unavailable, leaving damages as the proper remedy. The Court also found no reversible error in the waiver of a jury trial. A concurring opinion agreed with the judgment but emphasized the trustees' implied powers to improve the property.