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Form #1308Composition on a cash payment within a limited time
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Composition on a cash
payment within a limited time.
Agreement made on _________[date], between the
several persons whose names and descriptions are contained in the schedule
attached to this document, called creditors, and _________ of _________.
Debtor is indebted to each of the creditors in the sum
written opposite to his [her] name in the schedule attached to this document;
and creditors have agreed to accept a composition of _________ cents on the
dollar in full discharge of their debts; therefore it is agreed as follows:
Debtor shall, on or before _________[date], pay
to each of the creditors who shall execute this agreement before that day a
composition of _________ cents on the dollar on his [her] debt, which creditors
agree to accept in full satisfaction and discharge of their respective debts.
In case the composition shall be duly paid each of the creditors release
debtor, his [her] heirs, executors, administrators, estate and effects, from
his [her] debt, and agree that the release shall be binding and effectual,
although some of the creditors of debtor may not execute this agreement.
Provided always that in case debtor shall commit an
act of bankruptcy before _________[date], in respect of which —he shall be adjudicated a bankrupt, or in case —he shall not on or before _________[date], pay
to each of the creditors who shall execute this agreement before that day the
composition of _________ cents on the dollar on his [her] debt as is proved,
then this agreement shall be void.
[Date
and signatures]
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Your use of this site constitutes your acceptance of our terms of use and your agreement
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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
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is not engaged in recommending or referring members on the site or making claims
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Keywords: Composition,cash,payment,limited,time
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