{"id":1034,"date":"2020-12-23T14:55:02","date_gmt":"2013-05-12T14:14:17","guid":{"rendered":"http:\/\/legaldictionary.lawin.org?p=1034"},"modified":"2020-12-23T14:55:02","modified_gmt":"2013-05-12T14:14:17","slug":"composition","status":"publish","type":"post","link":"https:\/\/legaldictionary.lawin.org\/composition\/","title":{"rendered":"Composition"},"content":{"rendered":"

Legal Definition and Related Resources of Composition<\/h1>\n
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Meaning of Composition<\/h3>\n<\/div>\n

The elements<\/a> or parts as a whole that make up a thing and their relation<\/a> to each other<\/a> . A literary, artistic or musical production<\/a> and a general<\/a> structure of arrangement<\/a> or style of a work of art. A contract<\/a> between<\/a> a debtor<\/a> and his creditors by which the debtor obtains a settlement<\/a> of claims against him by paying an agreed sum into court<\/a> for distribution to such creditors by order<\/a> of court. In Re Goldberg (D. C.N.Y.)97 F. Supp. 75. under<\/a> bankruptcy<\/a> Act, a proceeding<\/a> wherein a debtor settles indebtedness in agreed amount<\/a> which is less than the amount owed. In Re Mahalev (D.C.Cal.) 187 F. Supp. 229.
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Composition Alternative Definition<\/h3>\n<\/div>\n

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.
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Financial Definition of Composition<\/h3>\n<\/div>\n

Voluntary arrangement to restructure a firm’s debt, under which payment is reduced.<\/h4>\n
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Synonyms of Composition<\/h3>\n<\/div>\n

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(Agreement in bankruptcy), noun<\/em><\/h4>\n