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Form #1320Composition 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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or any other commercial use is prohibited. This includes reposting forms from this
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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
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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
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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
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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