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Form #1309

Composition with assignment to trustee by debtor

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Composition with assignment to trustee by debtor

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Composition with assignment to trustee by debtor.

Agreement made on _________[date], between _________ of _________, called debtor; _________ of _________ and _________ of _________, called trustees; and the several persons, companies, and partnership firms, being creditors of debtor, whose names and seals are set and affixed in the attached schedule, and who are called creditors:

At a meeting of creditors held on _________[date], it was resolved to accept an offer made by or on behalf of debtor for payment to creditors respectively of a composition of _________ cents on the dollar on the amount and in full discharge of their respective debts due from debtor, and set out in the schedule, the composition to be paid in two equal installments at _________ calendar months and _________ calendar months from the date of the meeting, and to be secured by an assignment of the estate of debtor to trustees in a manner described below. In pursuance of the resolution, and in consideration of the release on the part of creditors contained below, debtor agrees with trustees and also separately with creditors respectively that debtor will on or before expiration of the periods of _________ calendar months and _________ calendar months pay or cause to be paid to trustees sufficient money to meet the respective installments of the composition payable to creditors respectively as described above, and will on demand by trustees at any time after the date of this agreement pay to them, or as they shall direct, all costs and expenses of and incidental to an investigation of the affairs of debtor, with a view to this arrangement, and of and incidental to the preparation of this agreement, and obtaining the signatures of creditors to this agreement, and receipt and distribution of the composition. It is agreed that trustees shall immediately, on receipt of the installments of the composition, pay the installments to creditors respectively entitled to them. In further pursuance of the resolution, and for the consideration stated above, debtor as beneficial owner assigns to trustees all the personal estate of or belonging or due and owing to debtor, except household furniture, wearing apparel, and bedding:

To have and hold the estate to trustees on trust in the meantime and until default shall be made by debtor in payment to trustees of any of the installments of the composition according to the agreement in that behalf contained above, to allow debtor to use, employ, deal with, and dispose of, the estate for the purposes of his [her] business, or for such other purposes as trustees shall think proper, but subject to the control and supervision of trustees; and from and after default on the trust to take possession of, collect, sell, and realize the estate or any part of the estate, and to apply the net proceeds of the estate (after payment of all costs and expenses payable under these presents which may be then unpaid) in or toward immediate payment to creditors respectively of so much of the composition as shall be unpaid, and to pay the surplus (if any) of the proceeds, and assign or deliver the remainder of the trust estate to debtor, his [her] executors, administrators, or assigns.

It is agreed that if, during either of the periods of _________ months and _________ months, trustees shall be of the opinion that, having regard to the condition and prospects of the business of debtor, it would be expedient to wind up the business and realize and divide the estate, they shall call a meeting of creditors by circular letter stating the time, place, and object of the meeting, and sent by mail or otherwise to the last known place of abode or business of the creditors respectively, or their respective agents, in time to give to the creditors or agents _________ clear days' notice of the meeting. If at the meeting a majority in number representing three-fourths in value of creditors present or represented at the meeting shall resolve that the business and estate be wound up and realized, then trustees shall with all convenient speed proceed to wind up the business, and to sell, collect, and realize the estate, and shall apply the net proceeds in like manner as if the proceeds had been moneys arising from the exercise of the trust for sale contained above.

In consideration of these premises creditors respectively release debtor, his [her] heirs, executors, and administrators, from the debts due to them respectively, and from all actions, proceedings, claims, and demands in respect of their debts. Provided always, and it is agreed that this agreement and the release contained above shall not in any way prejudice or affect the rights or remedies of any of creditors against any surety or sureties, or any person or persons other than debtor, his [her] heirs, executors, or administrators; and that for the sake of conformity alone, debtor, his [her] heirs, executors, or administrators may be joined in any actions or other proceedings to be brought, instituted, or taken by any of the creditors against the surety or sureties, or other person or persons, and that this agreement shall not prejudice or affect any security which any

of the creditors may have or claim for his [her] debt. If the security is of such a nature that creditor holding or claiming the security would by law of bankruptcy or insolvency be bound to realize the security or deduct the value of the security before proving his [her] debt in bankruptcy, then and in that case creditor (unless he shall give up his [her] security) shall be entitled to receive dividends under this agreement on so much of his [her] secured debt as may remain after the security has been realized, or after credit has been given to the full value of the security, the value to be agreed on between the secured creditor and trustee, or in case of dispute to be ascertained by two impartial appraisers (one to be chosen by the secured creditor, and the other by trustee), or by an umpire to be named by the appraisers before proceeding to the valuation.

[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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Keywords: Composition,assignment,trustee,debtor

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