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Simple English definitions for legal terms
distractio bonorum
Read a random definition: community-notification law
A quick definition of distractio bonorum:
Distraction Bonorum: In Roman law, when someone owes money to many people and cannot pay, a curator bonorum (a person appointed to manage the debtor's property) sells the debtor's property to pay off the debts. This sale is called distractio bonorum.
A more thorough explanation:
DISTRACTIO BONORUM
Distractio bonorum is a Latin term that means "the sale of goods." In Roman law, it refers to the sale of property by a curator bonorum to pay off the debts of an insolvent estate.
For example, if someone dies and leaves behind a lot of debt, a curator bonorum may be appointed to manage their estate. The curator will sell off the person's property, such as their house, car, and other assets, to pay off their creditors. This process is known as distractio bonorum.
Another example is if a business goes bankrupt and cannot pay its debts. A court-appointed trustee may sell off the company's assets to pay off its creditors. This is also a form of distractio bonorum.
Distractio bonorum is a legal process that allows a curator or trustee to sell off property to pay off debts. This is done to ensure that creditors are paid what they are owed, even if the debtor cannot pay. The examples illustrate how distractio bonorum is used in practice, both in the case of an individual's estate and a business's assets.