- 7 -
* * * * * * *
7. It is understood that this resolution is intended to
cover all future claims which may develop between plaintiff
and JNANA, Inc., the Estate * * *, Teresa L. Jeffcott, * * *
[petitioner], * * * [the S Corporation]. Each defendant
hereby releases Color Q from possible claims, demands or
causes of action which he, she or it may have or claim to
have against Color Q * * *.
8. In the event none of the defendants is deemed entitled
to the Insurance Proceeds or, in the event Color Q * * * has
not been paid $190,000 on or before October 15, 1988, then
Color Q * * * will reserve the right to declare this
Stipulated Entry null and of no effect, and to proceed with
all claims which it has, or may have filed, against
defendants on the date this Entry is filed with the Court.
Subsequently, Prudential paid the insurance proceeds in the
amount of $400,000 (twice the face amount because of the policy's
accidental death benefit) plus interest to the Clerk of the
Warren County Court and was discharged as a party to the
insurance suit. On October 29, 1988, the Warren County Court
issued a "Journal Entry Ordering Deposit in Interest Bearing
Account, and Related Matters" in the insurance suit, ordering
that the Clerk of the Warren County Court remit the sum deposited
by Prudential "jointly to both attorneys, to Mark Bogan [sic],
Administrator of the Estate of William T. Jeffcott, Deceased and
to Carl Anthony Cramer, Attorney for Defendants P. David Musgrave
and Jeffcott & Musgrave, CPA's, Inc.". The Warren County Court
further ordered that "said attorneys deposit said sum in one or
more joint interest bearing accounts in both of their names as
fiduciaries for their respective clients". On October 31, 1988,
the Clerk of the Warren County Court issued a check in the amount
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011