A composition with creditors is a common-law device for the compromise of debts. Pursuant to an agreement between an insolvent or financially embarrassed debtor and two or more creditors, the creditors, in consideration of an early payment, agree to discharge their respective claims on receipt of payment of a fraction of the amount the debtor actually owes. Additionally, a composition may take the form of an agreement by creditors to extend the time in which the debtor may pay the creditors' claims, or may consist in a total discharge of the debts. When executed, a composition operates as a complete discharge of the debtor as to all who share in it, and each assenting creditor is subsequently estopped from recovering on the original debt.
Composition agreements for the relief of insolvent debtors have been superseded, to a great extent, by proceedings under the Federal Bankruptcy Act and various state insolvency laws. They are, however, still of considerable importance in some jurisdictions.
Kansas City Missouri Composition with Creditors with Installment Payments Secured by Notes of Debtor and Guarantor
Category:
State:
Multi-State
City:
Kansas City
Control #:
US-0917BG
Format:
Word;
Rich Text
Instant download
Description
Free preview
Form popularity
FAQ
With its rich history and thriving arts scene, Kansas City draws visitors to world-class museums like the Nelson-Atkins Museum of Art and the Negro Leagues Baseball Museum. The city's jazz heritage, showcased in lively venues along 18th and Vine, offers a unique musical experience.
The reality is that the city straddles the neighboring states of Missouri and Kansas due to a complicated history that has lasted nearly two centuries. Kansas City, Missouri (KCMO), and Kansas City, Kansas (KCK), are separately incorporated cities that come together to form the greater Kansas City Metropolitan area.
Walt Disney opened his first animation studio in Kansas City, Laugh-O-Gram studios, where he fed a small rodent that became the inspiration for Mickey Mouse. Hallmark, the largest greeting card maker in the world, began in KC in 1910 when Joyce C. Hall began selling postcards out of two shoeboxes at the local YMCA.
City founders derived the name from the Kansas, or Kaw, River which was named for the Kansa Indians. The state of Missouri then incorporated the area as the City of Kansas in 1853 and renamed it Kansas City in 1889. Why is there a Kansas City in both Kansas and Missouri? | KC History kchistory.org ? faq ? why-there-kansas-city-both-... kchistory.org ? faq ? why-there-kansas-city-both-...
Team History The Chiefs won three AFL championships in the 1960s, becoming the team with the most championships in the short-lived AFL. They also won their first Super Bowl when they defeated the Minnesota Vikings, 23-7, in 1970.
Fertile farmland is one of the state's top natural resources. The state's most abundant crop is wheat?no other U.S. state produces as much. In fact, Sumner County, Kansas, is sometimes called the Wheat Capital of the World!
