- Arrangement by which debtor adjusts many debts by distributing his assets among several creditors, who may or may not agree to take less than is owed; or, an arrangement by which debtor agrees to pay in regular installments a sum of money to one creditor who agrees to discharge all his debts. Such activities may constitute unauthorized practice of law (as in e.g. Mass.), and formerly could be an act of bankruptcy.
Black's law dictionary. HENRY CAMPBELL BLACK, M. A.. 1990.
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