cessio bonorum


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cessio bonorum

in the Scots law of insolvency, an older form of bankruptcy that did not give the debtor a discharge but allowed him to be released from civil imprisonment on giving up all his property

CESSIO BONORUM, civil law. The relinquishment which a debtor made of his property for the benefit of his creditors.
     2. This exempted the debtor from imprisonment, not, however, without leaving an ignominious stain on his reputation. Dig. 2, 4, 25; Id. 48, 19, 1; Nov. 4, c. 3, and Nov. 135. By the latter Novel, an honest unfortunate debtor might be discharged, by simply affirming that he was insolvent, without having recourse to the benefit of cession. By the cession the creditors acquired title to all the property of the insolvent debtor.
     3. The cession discharged the debtor only to the extent of the property ceded, and he remained responsible for the difference. Dom. Lois Civ. liv. 4, tit. 5., s. 1, n. 2. Vide, for the law of Louisiana, Code, art. 2166, et seq. 2 M. R. 112; 2 L. R. 354; 11 L. R. 531; 5 N. S. 299; 2 L. R. 39; 2 N. S. 108; 3 M. R. 232; 4 Wheat. 122; and Abandonment.

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Cessio bonorum was permitted by a Roman statute whose ancient history is still rather mysterious; we remain unsure whether it was the work of Julius Caesar or Augustus.
Like other ancient legal institutions, cessio bonorum was revived in the later Middle Ages, as commercial life and knowledge of Roman law grew.
wishes to declare a cessio bonorum must go naked in a public and
119) As for the English, they rejected cessio bonorum entirely; Blackstone still viewed cessio bonorum as a pernicious Roman institution, "fertile of perjury, injustice and absurdity.
122) Second, they fit bankruptcy thinking into the same tradition of Pauline moral philosophy that underlay just-price restrictions: To take advantage of cessio bonorum, they reasoned, was, once again, to;"overreach," to violate the demands of brotherly charity imposed by the Christian faith, and in particular by 1 Thessalonians 4, 6.
compelled against their will to perform a cessio bonorum, that is: To
131) This champion of cessio bonorum presented Roman doctrine as favorably as he could, endorsing, among other rights, the right to declare bankruptcy by attorney.
Since ancient times, bankrupts and persons declaring cessio bonorum
In virtually every part of early-modern Europe, cessio bonorum was either unavailable, or available only to those willing to brave daunting public shame.
Just as the Roman law of overreaching circulated unimpeded in Dutch vernacular literature, the Roman law of debtor protection through cessio bonorum came into unimpeded use.
135) Already in the mid-sixteenth century, vernacular Flemish authors contrasted the cessio bonorum of their own country with that of nearby France.