Opinion
November 2, 1967
Order and judgment (one paper) unanimously modified, on the law and the facts, to the extent below indicated, and otherwise affirmed, without costs or disbursements to any party. The agreement dated November 2, 1959, providing for the submission of two matters to arbitration, sets forth in express detail, in subdivision E of paragraph 1, the terms of payment of any amounts determined by the arbitrators to be due and owing to respondent. This plain limitation of the arbitrators' function was in no way lifted by the so-called submission agreement dated June 17, 1960. We need not consider whether either agreement as written interdicted the award of interest on the purchase price of respondent's stock, since we concur in Special Term's finding that the arbitrators proceeded on subsequent consent. On the basis of the foregoing, and adopting the figures which appear in the order and judgment under appeal, the amounts to be deemed awarded by the arbitrators on the two matters submitted to them are respectively $468,404.16 and $121,221.81, each of which amounts includes the interest allowed by the arbitrators to the date of their award. It is these amounts respondent is entitled to, payable, however, in accordance with the provisions for payment contained in subdivision E of paragraph 1 of the November 2, 1959 agreement. The order and judgment should be modified accordingly. Settle order on notice.
Concur — Botein, P.J., Stevens, Steuer and Capozzoli, JJ.