Much quicker than I anticipated.
My son's response,
I have a few thoughts which might (or might not) be heading in the right direction. It does look rather like an informal arrangement with creditors in lieu of bankruptcy. I note the reference to SS's creditors, and since the funds are held on trust for the benefit of those who execute the indenture, it starts to feel like a way to reach an informal (out of court) arrangement. In other words, if you as a creditor execute the indenture, all well and good - but if not, tough luck. Perhaps an integral part of the indenture is that you as a creditor agree to waive your rights in consideration for the share of assets transferred by SS to the trustees.
I came across a scholarly article which looked into the history of bankruptcy laws and while I couldn't get into it, it did seem to suggest that in the 19th century such private law arrangements were favoured in the absence of more flexible statutory bankruptcy rules.
It did also occur to me that the choice of trustees could support this theory - in so far as one of the two trustees is an auctioneer, so very well placed to liquidate any non-cash assets transferred by SS.
Is it unusual that a farmer would be insolvent? Even if this is so, it's eminently likely that SS could have become insolvent in running the business of victualler.
So that's my tuppence worth!
Tony