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Form #1308

Composition on a cash payment within a limited time

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Composition on a cash payment within a limited time

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Composition on a cash payment within a limited time.

Agreement made on _________[date], between the several persons whose names and descriptions are contained in the schedule attached to this document, called creditors, and _________ of _________.

Debtor is indebted to each of the creditors in the sum written opposite to his [her] name in the schedule attached to this document; and creditors have agreed to accept a composition of _________ cents on the dollar in full discharge of their debts; therefore it is agreed as follows:

Debtor shall, on or before _________[date], pay to each of the creditors who shall execute this agreement before that day a composition of _________ cents on the dollar on his [her] debt, which creditors agree to accept in full satisfaction and discharge of their respective debts. In case the composition shall be duly paid each of the creditors release debtor, his [her] heirs, executors, administrators, estate and effects, from his [her] debt, and agree that the release shall be binding and effectual, although some of the creditors of debtor may not execute this agreement.

Provided always that in case debtor shall commit an act of bankruptcy before _________[date], in respect of which he shall be adjudicated a bankrupt, or in case he shall not on or before _________[date], pay to each of the creditors who shall execute this agreement before that day the composition of _________ cents on the dollar on his [her] debt as is proved, then this agreement shall be void.

[Date and signatures]



 
Contributed by
AAA, LLC
 
Total Forms Contributed 69
 

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Terms Of Use

Submissions to this site, including any legal or business forms, posts, responses to questions or other communications by contributors are not intended as and should not be construed as legal advice. You are strongly encouraged to consult competent legal council before engaging in any action based upon content contained on this site.

These downloadable forms are only for personal use. Retransmission, redistribution, or any other commercial use is prohibited. This includes reposting forms from this site to another site offering free legal or other document forms for download.

Please note that the donator may have included different usage terms regarding this form, and you agree to abide by these terms. It is highly recommended that you have a licensed attorney review any legal documents for which you are searching in order to make sure that your needs are being properly and completely satisfied.

Your use of this site constitutes your acceptance of our terms of use and your agreement to hold this site, its officers, employees and any contributors to this site harmless for any damage you might incur from your use of any submissions contained on this site. If you do not agree to the above terms, please do not proceed.

These forms are provided to assist business owners and others in understanding important points to consider in different transactions. They are offered with the understanding that no legal advice, accounting, or other professional service is being offered by these documents or on this website. Laws vary in the different states. Agreements acceptable in one state may not be enforced the same way under the laws of another state. Also, agreements should relate specifically to the particular facts of each situation. Therefore, it is important to consult legal counsel whenever utilizing these forms. The Forms are not a substitute for legal advice YourFreeLegalForms.com is not engaged in recommending or referring members on the site or making claims about the competence, character or qualifications of its participating members.
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