Atlantic Terra Cotta Co. v. Peter Guthy, Inc.

Marks, Official Referee.

On April 20, 1929, Peter Guthy, Inc., a corporation, hereinafter designated as the debtor, had an audit made of its affairs which showed assets of the book value of $119,424.43 and liabilities approximately estimated at $74,301.65.

On April twenty-ninth the debtor entered into an agreement with “ all creditors of the debtor who shall hereafter sign this agreement.” The audit was attached to the agreement and made a part thereof, and the name of the plaintiff was therein scheduled as a creditor in the sum of $1,000.

Paragraph or article numbered 1 of the agreement reads…