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Except for any indebtedness that may arise by reason of the memoranda above described as well as your interest in said three pictures, you have no claim of any kind or nature against this firm.

Should you concur with the above, please sign and return to us the annexed copy of this letter thereby indicating your full agreement.

Very sincerely yours,
JACQUES SELIGMANN & CO., INC.

(Germain Seligmann)

Mr. Georges E. Seligmann
116 East 53rd Street
New York 22, N.Y.