Page:Federal Reporter, 1st Series, Volume 1.djvu/816

. 808 FEDEEAL BEPOKTER. �position with the maker of the notes, wliereby the maker conveyed certain properfcy in trust to pay one-fiftii of the debts, which the creditor accepted, reserving his remedy against the indorser. Here there was an agreement accepted by them to receive a specifie sum, not an uncertain amount, to be made certain by the sale of property, and the court held it to be substantially a payment of that amount. It was also held in that case that the other creditors, who had made proof of their claims against the indorsers before they entered into the composition with the acceptors, were entitled to prove the full amount due upon their bilis. �In re Hicks, 19 N. B. B. 299, the makers of the notes effected a composition with their creditors, the composition to be paid in three, six and nine months, for which notes were given. The creditor was offered the notes to which he was entitled, but refused to receive them until the twenty-fifth of September, 1878, when, one of them having matured, he accepted cash for that note and the other two notes. Mean- while, on the ninth of September, the indorsers having been ad- judicated bankrupts, the creditors proved against their estates for the full amount of the original notes. The learned judge for the southern district of New York held that as, at the time the proof was made against the indorser, no dividend had been paid or become payable to the creditor out of the estate of the maker, he was entitled to prove against the indorser for the whole debt. The case seems to be distin- guishable from that of Sohier v. Loring only in the fact that he refused to receive the composition notes until after he had filed his proof of debt. �But both of these cases are clearly distinguishable from the one under consideration, in the fact that the compromise with the conjoint firm was for no specifie amount of money, but for certain p*operty, the value of which was not deter^ mined until long after the proofs of debt were made. The property received by the trustee might not have paid more than 50 per cent, had the market taken a decided upward turn. It might have realized the entire amount 3f 'beii claims, but it was difficult, at the time the agreemeni was ��� �