English translation: order, division and excussion
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04:43 Nov 5, 2001
Spanish to English translations [PRO] Bus/Financial
Spanish term or phrase:orden, división y excusión
Con fecha 13 de julio de 2001 se produjo la adquisición por parte de CCCCC del 60 por 100 de las acciones de PPPPPPP estipulándose en el mismo que los antiguos accionistas responderán solidariamente frente a CARTEL con renuncia a los *beneficios de orden división y excusión*
Explanation: According to Cabanellas & Hoague:
división = division, distribution, partition
excusión = excussio; right to require a creditor to exhaust all remedies against a debtor before proceeding against the guarantor.
So you could try something like this:
"... stipulating therein that the former shareholders ... surrender their rights to distribution and excussion"
However, a note of caution: the OED defines excussion as: Seizure of goods for debt, etc., which is not exactly the same, as far as I can tell!
Benefiit of priority / Right of surety / Right of division
Explanation: Beneficio de orden - benefit of priority
Beneficio de excusión - right of surety (to force a creditor to make use of legal remedies against the principal debtor before having recourse against surety)
Beneficio de división - RIGHT OF DIVISION, Scottish law. The right which each of several cautioners (sureties) has to refuse to answer for more than his own share of the debt. To entitle the cautioner to this right, the other cautioners must be solvent, and there must be no words in the bond to exclude it. 1 Bell's Com. 347, 5th ed.