18:51
medicine is a scam
Warning
Info
Warning
Info
LSDefine
Simple English definitions for legal terms
benefit of cession
Read a random definition: loss-of-use exclusion
A quick definition of benefit of cession:
Benefit of Cession: A legal term that means a debtor cannot be put in jail for not paying their debts. This happens when the debtor's property is given to their creditors. In Roman times, this was called "cessio bonorum" and was like modern-day bankruptcy. The person who gave their property to their creditors was not responsible for old debts and could not be personally seized for them in the future.
A more thorough explanation:
Definition: Benefit of cession is a legal term that refers to a debtor's protection from being imprisoned for debt. This protection is granted when the debtor's property is assigned to their creditors. In Roman law, this assignment was known as cessio bonorum.
Example: If a person owes money to their creditors and is unable to pay, they may choose to make a benefit of cession. This means that they assign their property to their creditors, who can then sell it to recover the owed money. In return, the debtor is protected from being imprisoned for their debt.
Explanation: The example illustrates how benefit of cession works in practice. By assigning their property to their creditors, the debtor is able to avoid imprisonment for their debt. This protection is important because it ensures that debtors are not punished excessively for their inability to pay. Instead, they are given a chance to repay their debts through the sale of their property.