cessio bonorum

noun cessio bo·no·rum \-bəˈnōrəm\

Definition of cessio bonorum

Roman & civil law

  1. :  a voluntary assignment of a debtor's property to creditors by which the debtor escapes the more painful penalties of insolvency (such as liability to arrest and imprisonment) but is not generally discharged from liability for the debts :  voluntary bankruptcy

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Origin and Etymology of cessio bonorum

Latin, literally, cession of goods

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