Johnstone v. Etowah Milling Co.

The partnership of W. E. & C. E. Johnstone sued the Etowah Milling Company for the balance claimed to be due on a promissory note for about $1200,. on which was a credit .of about $850. The defendant pleaded that after the giving of this note, it became financially embarrassed and offered a composition to creditors, by which they were to accept 50 per cent, of their claims in full payment, and that the plaintiffs, having accepted the composition, were bound by it; that under this agreement of. composition, the defendant shipped to the plaintiffs a car-load of its mill products to-be disposed…