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During the trial in the marriage dissolution action, Ms.
Read and Mr. Read reached an oral settlement agreement (marital
settlement agreement) which was read into the record in that
action on December 5, 1985. The marital settlement agreement
provided in pertinent part:
Wife [Ms. Read] agrees to convey to husband [Mr. Read]
all of her stock in Mulberry Motor Parts, both voting
and non-voting. And for such stock, husband, or at his
option, Mulberry Motor Parts or the Aesop [sic] plan of
Mulberry Motor Parts agrees to purchase such stock at
its appraised value of $838,724, such purchase to be
closed within 60 days of this date and to be paid as
follows:
First, $200,000 down to be paid in cash * * * the
balance of $638,724 to be evidenced by promissory note,
to be signed by the purchaser but if the purchaser is
other than William A. Read, to be guaranteed by William
A. Read, and bearing interest at the rate of nine
percent, payable monthly, on the principal, due from
time to time; and with the principal to be payable
$50,000 after twelve months and $50,000 principal each
year thereafter until the principal is paid in full,
with the right of prepayment at any time without pen-
alty, and such purchase to be secured by a security
interest in the stock to be sold, but with husband
retaining a full right so long as he is in compliance
and not in default on such note, to control such stock
and to vote it.
* * * * * * *
* * * Husband agrees to pay the wife as permanent
periodic alimony the sum of $2,500 per month and con-
tinuing until the death of the wife, the death of the
husband, the remarriage of wife or wife's cohabitation
with another man to whom she is not related by blood or
marriage on a continuing basis for 60 days or more.
* * *
* * * * * * *
* * * Additionally provided, however, that such
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Last modified: May 25, 2011