The participants of the agreement had been unable to obtain settlement of their claim of $14,000 against Phoebe Pierce. The claim was secured by a second mortgage on a plantation that was to be sold on 1868 May 2 as a result of a suit instituted by the Citizens' Bank. The signers, in order to avoid a total loss of their investment, agreed to buy the property with the objective of selling it later for profit. The property would belong to them in proportion to their respective claims - the Union Bank and Reinhart for $4,000 each, and Follain and Pavy for $3,000 each. The purchase was to be made in Pavy's name. He obligated himself to seek the lowest purchase price from the Citizens' Bank, to sell the plantation when profitable, to manage the place and hire an administrator, to employ laborers to cultivate the land, and to buy farm implements and seed canes. The other parties agreed to pay, each month, their proportion of the money necessary to meet the monthly note due the Citizens' Bank and to cover such expenses as maintenance, wages, purchase of equipment and seed canes, and lawyers' fees. When the partners sold the property, Pavy would receive ten percent of the price for his work.