Bradley & Cubbier Co. v. Lally

The defendant, a builder, in January, 1891, being insolvent, entered into a composition deed with plaintiff and his other creditors, whereby they agreed to accept from him twenty-five per cent of then- respective claims to be paid by his promissory notes, at stated periods, and released him *286from the balance of their respective claims. The defendant was indebted to plaintiffs in the sum of $2,109.11 at the time plaintiffs signed the composition deed (January 14, 1891).

It received from defendant in addition to the notes provided for in the composition deed a note for $500, so that plaintiff…