Composition

An agreement, made upon a sufficient consideration, between a debtor and creditor, by which the creditor accepts part of the debt due to him in satisfaction of the whole. See Compounding a Felon V. A composition deed executed by a debtor and his creditors in due form, ope settlement of the original claims of such creditors and supersedes the cause of action thereon, the rights and remedies of the parties being determined thereafter by the new agreement; Brown v. Farnham, 4S Minn.:'.17, 51 N. W. 377. An oral agreement between several creditors and their debtor to compound and discharge their claims is valid; Halstead v. Ives. 73 Hun 5G, 25 X. Y. Supp, 1058; Chemical Nat. Bank v. Kohner, 85 X. Y. 1S9. In an action upon a composition agreement, any creditor being a party thereto may bring a several action for damages for breach thereof; Brown v. Farnham, 55 Minn. 27, 56 N. W. 352.