Court Opinion

ID: 9644702
Source: CourtListenerOpinion
Date Created: 2023-08-22 21:02:28.872782+00
Date Added: 2024-06-11T12:53:44.697221
License: Public Domain

Dissenting Opinion by
Mr. Justice Cohen:
As I read Item Twenty-two of the will, the optionees can purchase the property at the price established by the appraiser only if that price represents, as directed by testatrix, “a fair and just value.” Nowhere do I see an indication by testatrix that the value arrived at by the appraisers is, ipso facto, the “fair and just value.” Accordingly, I see no reason why their valuation should be immune from attack merely because there was no fraud, accident or mistake. The function of the appraisers here is like their function in a situation where a testator directs them to value certain stock in his estate at “book value”. Whether they have so done is always subject to litigation unless the testator expressly directs otherwise.
The lower court prevented respondents from contraverting the valuation of the appraisers with testimony as to fair market value. I would reverse and remand with directions to have a hearing on the question of whether the appraisers’ valuation was a “fair and just” one. “Market value” is, of course, most relevant to the inquiry.