Loock v. Pioneer Title Insurance and Trust Co.

Polly Loock and Henning Loock, Sr., are the divorced parents of Henning Loock, Jr., who is a minor under the age of fourteen 3?'ears. The parents entered into a property settlement agreement which was approved in the decree of divorce. The custody of the minor was given to the mother. The property settlement agreement contained the following provision: “In the event of the sale of the property described herein as Parcel 1, the second party is to place Five Thousand ($5,000.00) Dollars of the proceeds thereof in some reliable bank or Trust Company, in trust, for the education of said minor…