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Form #1321Composition with creditors
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Composition with creditors
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Composition with
creditors.
Agreement made on _________[date], between
_________ of _________, called debtor, and the several persons, companies and
firms, creditors of debtor, whose names are subscribed to this instrument or
who accede to this agreement, called creditors.
Debtor is unable to pay creditors in full, and is
indebted or liable to creditors in and for the several sums of money set
opposite to their respective names in the schedule annexed to this agreement
and marked Exhibit A.
It has been proposed that debtor pay to creditors
_________ cents on the dollar in full settlement of their claims, as will be
more fully provided.
It is agreed between debtor and creditors as follows:
1. Debtor agrees with creditors, and each of them, to
pay or cause to be paid to them a composition of _________ cents on the dollar,
on the amount of their respective debts or claims, by _________ equal quarterly
[or monthly, or as the case may be] payments, the first payments to be made to
each of creditors on _________, 19__. [Or the agreement may be to pay in one
payment on a certain fixed day.]
2. Creditors, in consideration of the above promises of
debtor, severally agree with debtor and with each other to accept in full
payment and discharge of our respective debts, as set forth in the schedule
annexed to this agreement, the composition of _____% of the debts, and also
agree that in the meantime we will not bring or prosecute any action or legal
proceeding whatsoever against debtor, nor in any way attach or interfere with
debtor in his [her] goods or estate for or on account of any of the debts or
claims of creditors.
3. On payment of the debts in the manner mentioned
above, creditors severally agree to execute and deliver to debtor a complete
release or other discharge from their several claims accordingly.
4. All rights and remedies of the creditors
respectively against any surety or sureties or parties other than debtor,
liable to creditors or any one of them, are reserved.
5. This composition shall be without prejudice to the
right of any of creditors to rely on and enforce any mortgage, charge, pledge,
lien, or other security which they, or any of them, shall now hold or be
entitled to the benefit of, for or in respect of their respective debts.
[Substitute language for paragraphs 4 and 5]. It is
agreed that this conveyance does not, and nothing is to be construed as making
any change, alteration, modification or release of liability of any other
person or persons to any of creditors and their respective claims, or as a
release or waiver of any security of any kind already held by any of creditors,
but each of creditors retain all of its, his, or her rights in these respects.
6. This agreement shall not be binding on debtor or on
any of creditors of debtor unless agreed to and signed by all creditors of
debtor.
7. [This agreement shall be binding although all or
any of the nonexecuting creditors may be paid in full.]
8. [Creditors of debtor who do not execute or accede
to this composition agreement before _________[date], shall not enjoy
the benefits of nor be entitled to share under this agreement as creditors.]
[Signature]
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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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