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Form #1320

Composition payable in installments with notes for installments

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Composition payable in installments with notes for installments

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Composition payable in installments with notes for installments.

We, the undersigned, being respectively creditors of _________, _________[address of debtor], in the County of _________, to the amounts set opposite our respective names attached to this document, severally agree to accept in full discharge of our respective debts against him [her] a composition of _____%, payable as follows: the first installment of _____% in _________ calendar months from the date of this agreement; the second installment of _____% in _________ calendar months from the date of this agreement; the third and final installment of _____% in _________ calendar months from the date of this agreement. The several installments are to be secured by the joint and several promissory notes of debtor, and of _________, of _________[or of debtor indorsed by _________ of _________,], for the respective amounts of the installments. On payment of the composition by installments in the manner described, we severally agree to execute to debtor, at his [her] request and expense, a complete release and discharge from our debts respectively, and from all claims, demands, and remedies in respect of our debts. In case the composition shall be paid before the execution by us respectively of the release, then from and immediately after full payment of the composition in the manner described, and until the release shall be executed, this agreement shall operate and be a discharge to debtor from our debts respectively, and from all claims and demands in respect of our debts, and from all our rights and remedies respectively for recovering our debts in full, and may be pleaded and used as such and in bar of any action to be instituted by any of us against debtor, in respect of our several debts.

[Date and signatures]



 
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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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