composition

The effect of the composition proceeding is to substitute composition for bankruptcy proceedings in a certain sense, and in a measure to supersede the latter proceeding, and to reinvest the bankrupt with all his property free from the claims of his creditors.

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. Generally applied to agreements between a debtor and several or all of his creditors..—In Ancient Law, Compensation for crime; weregild.

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.

An agreement, made upon a sufficient consideration, between an insolvent or embarrassed debtor and his creditors, whereby the latter, for the sake of immediate payment, agree to accept a dividend less than the whole amount of their claims, to be distributed pro rata, in discharge and satisfaction of the whole. Bank v. McGeoch, 92 Wis. 286, 66 N. W. 606; Crossley v. Moore, 40 N. J. Law, 27; Crawford v. Krueger, 201 Pa. 348, 50 Atl. 931; In re Merriman's Estate, 17 Fed. Cas. 131; Chapman v. Mfg. Co., 77 Me. 210; In re Adler (D. O.) 103 Fed. 444. "Composition" should be distinguished from "accord." Tbs latter properly denotes an arrangement between a debtor and a single creditor for a discharge of the obligation by a part payment or on different terms. The former designates an arrangement between a debtor and the whole body of his creditors (or at least a considerable proportion of them) for the liquidation of their claims by the dividend offered.

In ancient law. Among the Franks, Goths, Bnrgundians, and other barbarous

An agreement between a debtor and creditor by which of certain as in pounding or putting together; a mixture; in the law of copyright, an inventing or putting together of the parts of a literary, dramatic or musical work.

In English ecclesiastical law. An agreement, otherwise called a real composition, between a land-owner and the parson, with consent of the ordinary and the patron, that the land shall be discharged from payment of tithes by reason of some real recompense given in lieu thereof.

In old European law. A sum of money paid, among the early barbarous nalious of Europe, as satisfaction for an injury, either to the person offended, or to his relatives.

An agreement, made upon a sufficient consideration, between an insolvent or embarrassed debtor and his creditors, whereby the latter, for the sake of immediate payment, agree to accept a dividend less than the whole amount of their claims, to be distributed pro rata, in discharge and satisfaction of the whole, “Composition” should be distinguished from “accord.” The latter properly denotes an arrangement between a debtor and a single creditor fora discharge of tue obligation by a part payment or on different terms. The former designates an arrangement between a debtor and the whole body of bis creditors (or at least a considerable proportion of them) for the liquidation of their claims by the dividend offered.

In ancient law. Among the Franks, Goths, Burgundians, and other barbarous pcoples, this was the name given to a sum of money paid, a8 satisfaction for a wrong or personal injury, to the person harmed, or to his family if he died, by the aggressor. It was originally made by mutual agreement of the parties, but afterwards establislied by law, and took the place of private physical vengeance,

1. In the law of copyright, the invention or combination of the parts of a work ^ literary, musical, or dramatic: as, in the case of a letter, discourse, or book; or of an opera; but not of a mere exhibition, spectacle, or scene.l See Book, 1; COPYKIGHT; DEAMA; OPERA. 2. In the law of patents, a, mixture or chemical combination. See Patent, 2; Process, 2. 3. Payment of part in satisfaction of the ■whole of a debt. See Compound, 3. Composition in bankruptcy or insolvency. A contract by which creditors agree to accept a part of their demands, and to discharge the debtor from liability for the rest. An arrangement between a creditor and his debtor for the discharge of the debt, on terms or by means different from those required by the original contract or by law.2 This may be by a composition agreement so called, by a letter of license, or by a deed of inspectorship. See License; Inspection, 3. A strict composition agreement is an agreement whereby the creditors accept a.sum of money, or other thing, at a certain time or times, in full satisfaction and discharge of their respective debts.,2 Obviates the necessity of a discharge by the court; if made in good faith and fairly and strictly conducted, will be upheld. The agreement is evidenced by an instrument signed by the debtor and the creditors, and called a composition deed^ although, at common law, such instrument is not necessaiy.^ See Accord; Bankruptcy; Prefer, 2. COMPOUIfD. 1, V. (1) To put parts together to form a whole. See Composition. (3) To add interest to principal for a new principal. See Interest, 2 (8). (3) To "compound" a debt is to abate a part on receiving the residue. Demands are > Martinetti v. Maguire, 1 Abb. V. S. 362 (1867); The " lolante " Case, 15 F. E. 439 (1883); 17 F. B. 595, cases; 9 Am. Law Eeg. 33; 23 Bost. L. R. 397. = [4 South. Law Eev. 639-75, 80^42 (1878), cases. s Clarke v. White, 12 Pet. 178 (1838); 20 Cent. Law J..385-88 (1885), cases; 3 Mo Crary, 608; 21 Cal. 122; 49 Conn. compounded when adjusted by payment of part in satisfaction of the whole.! See Composition, 3. (4) To take goods, or other amends, upon an agreement not to prosecute a person for a crime. Compounding a misdemeanor is sometimes allowed by leave of court, as affecting the individual, he having a right of action for damages. Compounding a felony is, at common law, an offense of an equivalent nature [to the felony], and is, besides, an additional misdemeanor against public justice by contributing to make the laws odious.^ See Bote, Theft; Lkqal, Illegal. ■ By Stat. 25 Geo. n (1758), o. 36, advertising a reward for the return of things stolen, " no questions to be asked," subjects the advertiser and the printer to a forfeiture of £50 each.^ 2. adj. See Interest, 2 (8); Larceny.

An agreement, compromise., A real composition: an agreement made between the parson and land-owner, with consent of the ordinary and patron, that certain lands shall be discharged of tithes, for some real recompense given in lieu thereof.

An agreement between debtor and creditor, by which the latter agrees to discharge the former oa payment of a certain sum.* See C S. Dig. dt Supplement, Composition. In English ecclesiastical law. ^ An agreement, (otherwise called a real composition,) made between the owner of lands, and a parson or vicar, with the consent of the ordinary and the patron, that such lands shall, for the future, be discharged from payment of tithes by reason of some land, or other real recompense given to the parson, in lieu and satisfaction thereof. 2 BL Com. 28. Meg. Orig, 38 b. 2 Inst. 490. 2 Wcoddea, Lect 67, 68. 3 5/«pA. C<w». 129.

contracts. 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. Montagu on Compos. 1; 3 Co. 118; Co. Litt. 212, b; 4 Mod. 88; 1 Str. 426; 2 T. R. 24, 26.