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Form #1316Agreement to accept promissory notes for part of debt and stock of proposed corporation for balance
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Agreement to accept promissory notes for part of debt and stock of proposed corporation for balance
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Agreement to accept
promissory notes for part of debt and stock of proposed corporation for
balance.
It is proposed to organize a corporation under the
name of _________, with a capital stock of $_____. _____% cumulative preferred
stock, subject to call at _________, and _________ shares of nonpar value stock
for the purpose of taking over all of the assets of A of _________.
It is proposed that the creditors of A accept _____%
in notes of the corporation for these amounts, payable _________[date],
and _____% of the preferred stock of the corporation when organized or all
preferred stocks in settlement of the respective claims of the creditors.
We, the undersigned, creditors of A of _________, for
the amount set opposite our respective names, in consideration of the
insolvency of A and of the payment to us of:
_____% of the amount of our claims in promissory notes
of the corporation payable as stated above; and
_____% of our claims in preferred capital stock of the
corporation when organized, or in promissory notes of A, payable not less than
_________ years from the date of this agreement and secured by the preferred
stock of the corporation at par as may be desired by the undersigned, the
election to be indicated in writing _________ days after organization of the
corporation.
We jointly and severally agree with A and with each
other, and with all creditors of A, signing like counterpart agreements, that
we accept of and from A, in full payment and liquidation of our respective
claims against A, the settlement provided for in this agreement;
It is agreed that the payments shall be made and the
stock delivered within _________ days after completion of organization of the
corporation.
It is further agreed that the cash and stock when
delivered shall be in full settlement, compromise and discharge of our
respective claims against A, and that A shall be released and discharged from
all further liability on the claims or with respect to the claims, excepting as
to this liability on his [her] personal promissory notes taken in accordance
with this agreement.
[Date]
[Signatures
of creditors and respective amounts]
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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: Agreement,accept,promissory,debt,stock,proposed,corporation,balance
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