18:47
im premed idk why im here
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Simple English definitions for legal terms
right of division
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A quick definition of right of division:
The right of division is 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 solvent cosureties. This means that if there are multiple people responsible for a debt, the surety will only be responsible for their fair share. This right is also known as the benefit of division in civil law, beneficium divisionis in Roman law, and the right of division in Scots law.
A more thorough explanation:
Right of Division
The right of division is a legal term that refers to a surety's right to be sued only for a part of the debt that is proportionate to the number of solvent cosureties. This means that if there are multiple cosureties for a debt, the surety can only be held responsible for a portion of the debt that is equal to the number of solvent cosureties.
For example, if there are three cosureties for a debt and one of them becomes insolvent, the remaining two cosureties and the surety with the right of division would only be responsible for one-third of the debt each. This ensures that the burden of the debt is shared equally among all parties involved.
Another example would be if there are five cosureties for a debt and two of them become insolvent, the remaining three cosureties and the surety with the right of division would only be responsible for one-fifth of the debt each.
The examples illustrate how the right of division works in practice. It ensures that the surety is not unfairly burdened with a larger portion of the debt than they should be responsible for. Instead, the debt is divided proportionately among all parties involved, based on the number of solvent cosureties. This helps to protect the surety from being held responsible for more than their fair share of the debt.