Richman

Lyda Tidwell, a citizen of New Mexico, brought an action against Frederick I. Richman, a citizen of the State of California; she sought termination of a trust and the appointment of a receiver.

On January 21,1954, the Court entered its judgment providing, inter alia, that the said trust, dated November 1, 1945, and two amendments thereto, are void and canceled, and that a receiver be appointed to hold all of the assets pending an accounting and determination of the respective,interests of the parties. The parties endeavored to settle remaining issues by acceptance of proposals contained in a letter of Richman’s counsel dated February 19, 1954. The accepted proposals which are pertinent here are the following:

“(a) $100,000.00 cash shall be paid February 26, 1954 by the party buying to the other upon the notification by Mrs. Tidwell as to her determination of whether she is buying or selling the undivided interest of the assets in Richman Trust.

“(b) $500,000.00 shall be paid through escrow to the party selling on or before May 1, 1954.

“(c) In the event the $500,000.00 is not paid through escrow on or before May 1, 1954, then a receiver may be reinstated to operate the assets…