151 West Associates v. Printsiples Fabric Corp.

Summary

The New York Court of Appeals affirmed the Appellate Division, holding that the lease term “arrangement” refers only to a judicial bankruptcy proceeding under the 1938 Bankruptcy Act, which did not occur, so the landlord could not terminate the lease. Justice Simons dissented, arguing that the creditor agreement constituted an “arrangement” within the lease and should permit eviction.