Gaspard v. Gaspard

DORAN, J. This is an appeal by plaintiff from a judgment for defendant in an action on a property settlement agreement.

Plaintiff and defendant, husband and wife, entered into said agreement incidental to their separation. The agreement is comprehensive, but it is sufficient to note, as pointed out in respondent’s brief, that, “The question involved is the interpretation of a property settlement agreement between the appellant husband and the respondent wife, particularly a clause in the agreement which is as follows:

“ ‘All the balance of the community property of the parties hereto, (and it is hereby agreed that all property standing in the name of either of them, whether as joint tenants or not, is hereby declared to be community property) shall be and become and is hereby declared to be the separate property of the second party, subject, however, and to be held by the second party as security for payment of all monies payable under the provisions of Paragraph 3 hereof, and the said [141]property shall not be released from said guarantee until such time as Second Party has acquired an annuity payable to First Party at the rate of $250.00 per month during her lifetime, and if and when said annuity has been acquired, and payments thereunder are being made at the rate of $250.00 per month, then Second Party shall be released from any further payments to First Party under Paragraph 3 hereof, and all of the balance of said community property in this paragraph referred to, shall be released free of said guarantee to Second Party. ’ ’ ’

The complaint alleges;

“III.

“That the defendant has failed and refused and still fails and refuses to perform certain stipulations, conditions and agreements of said contract on her side to be performed, in that at the time of the signing of the contract Gladdis Gaspard had in her possession and standing in her name $4,000.00 in United States Postal Savings Bonds of the fair and reasonable value of $4,000.00, which pursuant to Paragraph 5 of the contract hereto attached was declared to be the community property of the parties and which pursuant to said contract at said time became and is now the property of the plaintiff.

“IV.

“That although plaintiff has duly demanded delivery of said bonds, defendant has failed, neglected and refused to deliver the same or any part thereof.