Legal Definition and Related Resources of Composition in bankruptcy
Meaning of Composition in bankruptcy
An agreement by the creditors of a bankrupt to receive a certain percentum of their claims in full satisfaction. The national bankrupt act provides for such compositions, requiring a formal offer of composition by the bankrupt, a creditors’ meeting to consider the same, and, if accepted by a majority both in number and amount of claims, an application for confirmation by the court. Loveland, Bankr. S§ 241-253. COMPOSITION OF TITHES. Sometimes called “real composition.” An agreement by a landowner with the incumbent, whereby the land is discharged from liability for tithes in consideration of some land or other real recompense given in lieu thereof. 2 Steph. Comm. 727.
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| Composition In Bankruptcy in the Dictionary | Composition In Bankruptcy in our legal dictionaries | Browse the Legal Thesaurus | Find synonyms and related words of Composition In Bankruptcy |
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| Related topics | Composition In Bankruptcy in the World Encyclopedia of Law |
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This definition of Composition In Bankruptcy is based on the The Cyclopedic Law Dictionary . This entry needs to be proofread.
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