Killam v. Killam

As part of a property settlement agreement entered into in a divorce proceeding, the parties signed a “COLLATERAL AGREEMENT” reciting that a boat was held in trust by the parties’ daughter for the benefit of each of the spouses; that the boat would remain so held until they mutually agreed to sell; and that both had certain rights of use and certain obligations to pay for the expense of keeping and using the boat. The parties were unable to use the boat harmoniously under the agreement and the husband brought this suit for partition, asking that the boat be sold and the proceeds divided. The…