Spinning v. Millsite Steel & Wire Works, Inc.

Plaintiffs sued separately, each on a promissory note executed by defendant. The cases were consolidated for trial before the court without a jury, and on this appeal. The defense was (and is) that plaintiffs had each entered into a composition agreement with defendant to accept 10 per cent, of their respective claims in full settlement. These so-called agreements were identical (except as to names and amounts) as follows:

“The undersigned creditor of Millsite Steel & Wire Works,' Inc., a Michigan corporation, of Howell, Michigan, does hereby agree to and with such corporation and other…