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Reaney and Wilson list this name with Tray, Traies and Trayes, explaining them all as from the Old English Trega, meaning "grief, misfortune".
However, G. Pawley White ("A Handbook of Cornish Surnames") cites two places in Cornwall called Treaise as sources for surnames Trays, Treaise and Trease. He translates the name from the Cornish as "Tre-Res, homestead by the ford". Note that Devon is next door to Cornwall.