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Form #1324

Offer by sureties of debtor to pay creditors in consideration of cancellation of assignment for benefit of creditors

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Offer by sureties of debtor to pay creditors in consideration of cancellation of assignment for benefit of creditors

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Offer by sureties of debtor to pay creditors in consideration of cancellation of assignment for benefit of creditors.

To the Creditors of _________ and _________, Joint and Separate:

We, the undersigned _________, _________, and _________, represent and state to you that if it can be arranged by your consent that the deed of trust made by A to B for the sale of A's property in trust for his [her] creditors, can be set aside and canceled (the deed being dated _________, and of record in the deed book _________, page _________, in the _________ County clerk's office), we will pay to each creditor of A each and every debt owing by A to each and every creditor.

This paper is prepared for the signatures of the creditors and their acceptance of this arrangement as below; but it will not be binding until all of the creditors have signed this agreement or have in writing requested B to surrender the trust by reconveying the estate and assets of A back to him [her].

We also agree that this arrangement does not affect in any way the full force and validity of the securities or liens any of the creditors may now legally hold.

We, the undersigned creditors of A accept the proposition above, and request B, as assignee of A, to convey back to him [her] the property named in the above deed, both real and personal and of every nature and kind which may have come to him [her] by virtue of the trust. On reconveyance, we absolve and release B and his [her] sureties from all obligations of every nature and kind incident to and arising out of the trust.

All of the creditors in signing this paper do so under agreement that the lawful securities held by them and any and all of them are not released, modified, or affected.

[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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