18:49
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LSDefine
Simple English definitions for legal terms
benefit of division
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A quick definition of benefit of division:
Benefit of division: A legal term that refers to a surety's right to only be held responsible for a portion of a debt that is proportional to the number of other solvent cosureties. This means that if there are multiple people responsible for a debt, the benefit of division ensures that each person is only responsible for their fair share, rather than being held responsible for the entire debt. This legal concept is also known as beneficium divisionis in Roman law, bénéfice de division in French law, and right of division in Scots law.
A more thorough explanation:
The benefit of division is a legal term used in civil law. It refers to a surety's right to be sued only for a part of the debt that is proportional to the number of solvent cosureties. This means that if there are multiple sureties for a debt, and some of them are unable to pay their share, the remaining sureties will only be responsible for their fair share of the debt.
For example, let's say that there are three sureties for a debt of $30,000. Each surety is responsible for one-third of the debt, or $10,000. If one of the sureties is unable to pay their share, the remaining two sureties will only be responsible for $15,000, or half of the total debt.
The benefit of division is an important protection for sureties, as it ensures that they are not unfairly burdened with the debts of others. It is also a way to encourage more people to act as sureties, as they can be confident that they will only be responsible for their fair share of the debt.