Globe Wernicke Co. v. Siegel Myers School of Music

3. Compositions with creditors, § 2*—what does not constitute breach of composition agreement. An agreement between the creditors of a corporation and the debtor provided that the creditors should elect a trustee who should be placed in control of the business and property of the corporation. The creditors, the debtor and the trustee agreed that the debtor should receive an extension of time as long as the business should be conducted pursuant to the agreement, and the creditors agreed to receive payment of their claims proportionately as directed by the trustee. The trustee was given…