COMPOSITION

An agreement, made upon a sufficient consideration, between an Insolvent or embarrassed debtor and his creditors, whereby the latter, for the sake of immediate payment, agree to accept a dividend less than the whole amount of their claims, to be distributed pro rata, In discharge and satisfaction of the whole. Bank v. McGeoch, 92 Wis. 286, 66 N. W. 606; Crossley v. Moore, 40 N. J. Law, 27; Crawford v. Krueger, 201 Pa. 348, 50 Atl. 931; In re Merriman’s Estate, 17 Fed. Cas. 131; Chapman v. Mfg. Co., 77 Me. 210; In re Adler (D. C) 303 Fed. 444.”Composition” should be distinguished from “accord.” The latter properly denotes an arrangement between a debtor and a single creditor for a discharge of the obligation by a part payment or on different terms. The former esignates an arrangement between a debtor and the whole body of his creditors (or at least a considerable proportion of them) for the liquidation of their claims by the dividend offered. In ancient law. Among the Franks, Goths, Burgundians, and other barbarous peoples, this was the name given to a sum of money paid, as satisfaction for a wrong or personal injury, to the person harmed, or to his family if he died, by the aggressor. It was originally made by mutual agreement of the parties, but afterwards established by law, and took the place of private physical vengeance. Composition deed. An agreement embodying the terms of a composition between a debtor and his creditors. Composition in bankruptcy. An arrangement between a bankrupt and his creditors, whereby the amount he can be expected to pay is liquidated, and he is allowed to retain his assets, upon condition of his making the payments agreed upon. Composition of matter. In patent law. A mixture or chemical combination of materials. Goodyear v. Railroad Co., 10 Fed. Cas. 664; Cahill v. Brown, 4 Fed. Cas. 1005; Jacobs v. Baker. 7 Wall. 295, 19 L. Ed. 200. Composition of tithes, or real composition. This arises in English ecclesiastical law, when an agreement is made between the owner of lands and the incumbent of a benefice, with the consent of the ordinary and the patron, that the lands shall, for the future, be discharged from payment of tithes, by reason of some land or other real recompense given in lieu and satisfaction thereof. 2 Bl. Comm. 28; 3 Steph. Comm. 129.