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Administrator of the Estate allowed Color Q's claim in the amount
of $190,000 as a claim against the assets of the Estate.
In July 1988, a Stipulated Entry, reflecting the settlement
made in the April 28, 1988, hearing, was signed by all of the
parties to the case and entered in the Montgomery County Court.
The Stipulated Entry provided that Color Q and defendants JNANA,
the Estate, Teresa L. Jeffcott, petitioner, and the S Corporation
"in consideration of the mutual relinquishment between plaintiff
and each of the defendants of their respective legal rights and
defenses" agree as follows:
1. The Special Administrator of the Estate * * * allows
the claim of Color Q as to the assets of the Estate in the
amount of $190,000.
2. Defendant * * * [petitioner] acknowledges and agrees he
will make payment to Color Q in the amount of $190,000 in
the event the court in the Declaratory Judgment action [the
insurance suit] issues its order, judgment or decree that he
is entitled to the Insurance Proceeds.
3. Defendant * * * [S Corporation] acknowledges and agrees
it will make payment to Color Q * * * in the amount of
$190,000 in the event the court in the Declaratory Judgment
action [the insurance suit] issues an order, judgment or
decree that it is entitled to the Insurance Proceeds.
4. The defendant Teresa L. Jeffcott acknowledges the
stipulations contained in this Entry to be valid, and agrees
that she accepts its terms, both individually and as natural
guardian and next of kin for her minor children.
5. Plaintiff, in consideration of the defendants'
covenants and agreements as aforesaid, agrees to dismiss
with prejudice its Complaint in Case No. 87-4055 against all
defendants upon payment to Color Q * * * in the amount of
$190,000. Plaintiff will bring no further action based upon
facts set forth in its Amended Complaint, and will discharge
each defendant from claims in the Amended Complaint.
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