Covenant

provide for

in full discharge of their respective debts due from the debtor, and set out in the said schedule, such composition to be paid in two equal instalments at calendar months and calendar months from the date of the said meeting, and to be secured by the assignment of the estate of the debtor to the trustees in manner hereinafter appearing: Now this indenture witnesseth that, in pursuance of the said resolution, and in consideration of the release on the part of the said by debtor to creditors hereinafter contained, the debtor hereby payment of covenants with the trustees, and also (as separate composition. covenants) with the said creditors respectively, that he, the debtor, will on or before the expiration of the said periods of calendar months and calendar months pay or cause to be paid to the trustees sufficient money to meet the respective instalments of composition payable to the said creditors respectively as aforesaid, and will on demand by the trustees at any time after the date of these presents pay to them, or as they shall direct, all costs and expenses of and incidental to the investigation of the affairs of the debtor, with a view to this arrangement, and of and incidental to the preparation of these presents, and obtaining the signatures of the said creditors thereto, and the receipt and distribution of the said composition. And it is hereby agreed and declared that the trustees shall immediately, upon receipt of the said instal- distribute ments of composition, pay the same to the said cred- composition. itors respectively entitled thereto. And this indenture further witnesseth that in further pursuance of the said resolution, and for the consideration aforesaid, the debtor as beneficial owner hereby assigns to the trustees all the personal estate Assignment of or belonging or due and owing to the debtor, ex- of property; cept household furniture, wearing apparel, and bedding: To have and to hold the said estate unto the trustees upon - upon trust trust in the mean time, and until default shall be to allow debtor made by the debtor in payment to the said trustees same; of any of the said instalments of composition according to the covenant in that behalf herein before contained, to allow the debtor to use, employ, deal with, and dispose of the same estate for the purposes of his business, or for such other purposes as the trustees shall think proper, but subject fault to take to the control and supervision of the trustees; and possession. from and after such default upon trust to take possession of, col

Trustees to

to deal with

upon de

lect, sell, and realize the said estate or any part thereof, and to apply the net proceeds thereof (after payment of all costs and expenses payable under these presents which may be then unpaid) in or towards the immediate payment to the said creditors respectively of so much of the said composition as shall be then unpaid, and to pay the surplus (if any) of such proceeds, and assign or deliver the remainder of the trust estate to the debtor, his executors, administrators, or assigns. Provided always, and Trustees not it is hereby agreed and declared, that the trustees shall not be bound to interfere with the debtor in the conduct of his business or dealing with his estate further or otherwise than they shall think necessary or proper, and shall not be in any wise liable or accountable for any losses which the estate may sustain by reason of the acts or defaults of the debtor; but nevertheless the debtor shall at all times during the continuance of these presents attend and conform to the suggestions and advice of the trustees. And it is hereby may resolve to further agreed and declared that if, during the currency of either of the said periods of

bound to interfere in the business.

Creditors

wind

ness.

up busi

months

and months, the trustees shall be of opinion that, having regard to the condition and prospects of the business of the debtor, it would be expedient forthwith to wind up the same and realize and divide the estate, they shall call a meeting of the said creditors by circular letter stating the time, place, and object of the meeting, and sent by post or otherwise to the last known place of abode or business of such creditors respectively, or their respective agents, in time to give to such creditors or agents

clear days' notice of such meeting; and if at such meeting a majority in number representing three fourths in value of the creditors present or represented at the meeting shall resolve that the said business and estate be wound up and realized, then the trustees shall with all convenient speed proceed to wind up the said business, and to sell, collect, and realize the said estate, and shall apply the net proceeds thereof in like manner as if the same had been moneys arising from the exercise of the trust for sale herein before contained. And in consideration of the premises Release of the said creditors hereby respectively release the debtor, his heirs, executors, and administrators, from the said debts due to them respectively, and from all actions, proceedings, claims, and demands in respect thereof. Provided always, and it is hereby agreed and declared, that these pres

debtor.

Proviso as

securities.

ents and the release hereinbefore contained shall not in any wise prejudice or affect the rights or remedies of any of the said creditors against any surety or sureties, or any to sureties and person or persons other than the debtor, his heirs, executors, or administrators; and that for the sake of conformity alone, the debtor, his heirs, executors, or administrators may be joined in any actions or other proceedings to be brought, instituted, or taken by any of the said creditors against such surety or sureties, or other person or persons, and that these presents shall not prejudice or affect any security which any of the said creditors may have or claim for his debt; but nevertheless if such security be of such a nature that the creditor holding or claiming the same would by the law of bankruptcy or insolvency be bound to realize the same or deduct the value thereof before proving his debt in bankruptcy, then and in that case such creditor (unless he shall give up his said security) shall be entitled to receive dividends under these presents upon so much only of his said secured debt as may remain after such security shall have been realized, or after credit shall have been given to the full value thereof, such value to be agreed upon between such secured creditor and the said trustee, or in case of dispute to be ascertained by two impartial valuers (one to be chosen by such secured creditor, and the other by the said trustee), or by an umpire to be named by such valuers before proceeding to the valuation. In witness,

etc.

Release by Creditors to Debtor on Payment of a Composition previously agreed upon in Satisfaction of their Debts.

This indenture, made the

day of

18-, between

Parties.

the several persons who have by themselves or their respective partners, agents, or attorneys hereunto subscribed and affixed their names and seals respectively, being respectively the creditors of of, hereinafter referred to as the creditors, of the one part, and the said of—, hereinafter referred to as the debtor, of the other part: Whereas the debtor has for many years past carried on the trade Recital of or business of a aforesaid, and in the indebtedness; course of his trade or business has become indebted to the creditors in the several sums of money which are set opposite to their respective names in the schedule hereunder written of composi And whereas the debtor, being unable to meet his en- tion;

at

gagements in full, recently proposed to the creditors to pay to them a composition of per cent. upon the amount of their respective debts in full discharge thereof, which they agreed to accept, and they also agreed, upon payment of the said composition, to execute to the debtor such release as is hereinafter contained: And whereas the debtor has, in pursuance of of payment of composi- the said agreement, this day paid to the creditors respectively the said composition of per cent. upon the amount of their respective debts, as the creditors hereby respectively acknowledge:

tion.

Release.

Now this indenture witnesseth, that in further pursuance of the said agreement, and in consideration of the premises, each of the creditors, so far as relates to the debt or sum set opposite to his name in the said schedule, hereby acquits, releases, and discharges the debtor, his heirs, executors, and administrators, and his estate and effects from such debt or sum and from all actions, claims, and demands whatsoever in respect of the same, which such creditor, his partners, executors, administrators, or assigns now has or have, or at any time hereafter shall or may or but for these presents might have against the debtor, his estate or effects, for or by reason of the said debt. In witness, this day of

18-.

[Signatures and seals of creditors.]

Receipt for Composition on a Debt.
day of

Received this
dollars, being a composition of
dollars owing by the said
accept in full satisfaction and

18-, of

the sum of

per cent. upon a debt of to me, and which composition I discharge of my said debt, and I

undertake to execute a formal release to him of the said debt whenever required. Witness my hand and seal.

DECLARATIONS OF TRUST.

Of Undivided Share of Purchased Land.

day of, between
of

of

9 party of the

Recital of

Indenture made the party of the first part, and second part: Whereas by deed dated the

day purchase;

of payment chase money

of half of pur

of -, and recorded with county deeds, book—, page of conveyed to the said party of the first part a certain parcel of land with the buildings thereon, situate on the side of street, in the said town of the said buildings being numbered on said street; and whereas, the whole consideration or sum paid by the said party of the first part for the purchase of the said land and premises was dollars, of which sum one half part by was the money of the said party of the first part, and one half part was money belonging to the said party of the second part, and said purchase was made by said party of the first part as to one equal undivided half part of said premises as a trustee for and on behalf of the said party of the second part, as the said party of the first part doth admit and declare: Now this indenture witnesseth that in consideration of the premises Declaration it is hereby agreed and declared by and between the of trust as to said parties hereto, that the said party of the first half. part his heirs and assigns doth and shall stand seized of one undivided half part of the land and premises with the appurtenances thereof, conveyed by the deed herein before recited, in trust for the said party of the second part, his heirs and assigns forever, and will convey, lease, or dispose of the same in such manner as he or they shall direct. In witness, etc.

undivided

Of Funds added to Trust Funds comprised in a Settlement. Indenture made this day of

the party of the first part, and

18-, between
and

9 Parties. trustees, parties of the second part, supplemental to

of

an indenture dated the day of ——, 18—, made between said