HopefullyInLawSchool
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Simple English definitions for legal terms
cessio bonorum
Read a random definition: casus foederis
A quick definition of cessio bonorum:
Term: Cessio Bonorum
Definition: Cessio bonorum is a legal term from ancient Rome that means giving up all of a person's property to their creditors. It was like declaring bankruptcy today. When someone did this, they were not considered a bad person, and they were not responsible for any debts they couldn't pay. They also couldn't be taken to court for those debts in the future.
A more thorough explanation:
Definition: Cessio bonorum is a Latin term that means "cession of goods." It refers to an assignment of a debtor's property to creditors in Roman law. This was the Roman equivalent of modern bankruptcy.
Examples: If a person owed money to several creditors and could not pay them back, they could make a cessio bonorum. This meant that they would give up their property to their creditors to pay off their debts. The person who made the cessio bonorum would not become infamis (disgraced), would not be liable for old debts beyond their means, and would not be personally seized in respect of them.
Explanation: The example illustrates how a person who could not pay their debts could make a cessio bonorum to avoid being disgraced and personally seized. By giving up their property to their creditors, they could pay off their debts and start anew without being burdened by old debts beyond their means.