benefício do prazo

English translation: benefit of the term

GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)

Portuguese term or phrase:	benefício do prazo
English translation:	benefit of the term
Entered by:	Heather Phillips

21:39 Nov 28, 2023

Portuguese to English translations [PRO]
Bus/Financial - Finance (general) / Portuguese deed of sale detailing mortgage conditions

Portuguese term or phrase: benefício do prazo

A Quarta Outorgante declara que se assume solidariamente FIADORA e principal pagadora de todas as obrigações pecuniárias emergentes para a MUTUÁRIA do presente contrato de financiamento, e que nesta qualidade se obriga perante o BANCO ao cumprimento das mesmas, renunciando desde já e expressamente ao benefício de excussão prévia, bem como ao benefício do prazo previsto no artigo 782º do Código Civil, sendo-lhe, por isso, imediatamente exigível o cumprimento antecipado das obrigações emergentes deste empréstimo sempre que o BANCO o possa exigir do
MUTUÁRIO.
This sentence appears in a deed of sale relating to a property in Portugal. The deed includes a section relating to the mortgage-backed loan granted in order to make the purchase. I found the translation for beneficio de excussao previa on here already, but cannot find anything for this term. All help gratefully received. Thanks in advance.

Heather Phillips KudoZ activity Questions: 422 (2 open) (1 without valid answers) (59 closed without grading) Answers: 7 United Kingdom
Local time: 15:33

benefit of the term

Explanation:
"LOSS OF THE BENEFIT OF THE TERM. 12) In all cases of default, the Lender may demand, without a demand letter or notice, the immediate payment of his claim, in principal, interest, costs and incidental costs and exercise, at his sole discretion, any of the remedies provided for in the law." https://www.lawinsider.com/clause/loss-of-the-benefit-of-the...

"The Court admitted that it could annul the notice of forfeiture of the benefit of the term based on the defendant's submissions..." https://www.lavery.ca/DATA/PUBLICATION/1666_en~v~failure-to-...

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Note added at 18 mins (2023-11-28 21:58:22 GMT)
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Here's one more example sentence:

"One of such creditors, who is at the same time a debtor of his debtor, but whose debt is not yet exigible, cannot, by renouncing the benefit of the term by which the debt to him is not yet due, and by asserting a set-off, acquire such a preference." https://books.google.com/books?id=T2qmAAAAIAAJ&pg=RA1-PT39&l...

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Note added at 4 hrs (2023-11-29 02:19:27 GMT)
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I guess it doesn't hurt to provide more evidence that "term" is the correct translation of "prazo" in this particular context.

prazo: 2 – (dir. material) term. “At A’s option, the contract may be renewable
for a second five year term”. [Hamilton, Robert W., The Law of Corporations, p. 355]. In: "Dictionary of Law, Economics and Accounting", 4th edition, by Marcílio Moreira de Castro, Editora Forense, p. 315.

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Note added at 14 hrs (2023-11-29 12:37:15 GMT)
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Heather, I'm glad to hear that the literal translation was a good fit. Unfortunately, some folks on ProZ have the wrong notion that literal is never good. :-)

Selected response from:

Oliver Simões
United States
Local time: 07:33

Grading comment

Sorry for late acceptance Oliver. Benefit of (the) terms seems just the solution.
4 KudoZ points were awarded for this answer

Summary of answers provided

benefit of the term

Oliver Simões

benefit of term, term benefi

Carolina Falcao

hereby waive the > right to redeem (mortgage) witihin the term date > Anglo-Am. equity of redemption

Adrian MM.

Summary of reference entries provided

Código Civil Português, Capítulo VII, Secção I, Subsecção IV.

Mark Robertson

Discussion entries: 6

Oliver Simões

United States

@Mark

17:34 Nov 30, 2023

I'm not saying otherwise. My previous comment implied that I did consult the Portuguese code, but found it useless in terms of helping me come up with a translation. A good reference should be bilingual, and that's what I meant by "cross-reference". I hope I'm making myself clear now.

Mark Robertson

@Oliver

13:56 Nov 30, 2023

Phil is right. You cannot answer this question reliably without consulting the Portuguese Civil Code, i.e. subsection IV, of section I, of Chapter VII of the code, entitled "Prazo de Prestação".

Oliver Simões

United States

16:09 Nov 29, 2023

Phil. let me explain. When I said that your reference was in Portuguese, I meant that it's not enough: it does not establish a cross-reference with English. I did provide a cross reference for "prazo" in the form of a dictionary quote.

Now, if you don't know the answer, how do you know that a literal translation is not the way to go? Thank you for the suggestion to look it up in the "text concerned". This is pretty obvious to me and is something I always do. None of my translations is baseless. Whenever possible, I provide examples, definitions, explanations, etc.

PS: I didn't quote the legal text simply because it does not help elicit the correct translation.

philgoddard

United States

14:30 Nov 29, 2023

Of course it's in Portuguese, it's the civil code of Portugal. The first thing you should do in a case like this is look up the text concerned.
The reason I haven't submitted an alternative is because I don't know the answer.

Oliver Simões

United States

01:59 Nov 29, 2023

Your article is in Portuguese and doesn't help clarify the meaning at all. If you disagree with a literal translation, why don't you propose an alternative?

philgoddard

United States

22:00 Nov 28, 2023

The literal meaning is obviously 'benefit of the term', but I don't think that's enough. Here's the article:

Artigo 782.º - (Perda do benefício do prazo em relação aos co-obrigados e terceiros)
A perda do benefício do prazo não se estende aos co-obrigados do devedor, nem a terceiro que a favor do crédito tenha constituído qualquer garantia.

I looked at article 781, but it's no help as far as I can see.
http://bdjur.almedina.net/citem.php?field=item_id&value=9713...

Answers

12 hrs confidence:

renunciar desde já e expressamente benefício do prazo hereby waive the > right to redeem (mortgage) witihin the term date > Anglo-Am. equity of redemption

Explanation:
Methinks the construction needs to be viewed as a whole and 'holistic waiver'.

Otherwise, there's a similar SPA/ENG question with familiar respondents' names. As in that question, I'm unsure it's all about the option to pay by insta(l)lments.

If the benefit of the mortgage as a demise for a *term of years* is waived, then the 'term of the mortgage loan is accelerated'. Likewide, at our Iberian law office, 'renunciando desde já e expressamente ao benefício de excussão prévia' had been rendered in Anglo-Am. shorthand as 'expressly accepting primary libaility'. -> 'guarantor's right to force a creditor to sue the principal debtor first', West Mex. etc. SPA/AmE.

Example sentence(s):

IATE: 1683127 1 FINANCE COM en equity of redemption COM pt direito de resgate COM
Equity of redemption (also termed right of redemption or equitable right of redemption) is a defaulting mortgagor's right to prevent foreclosure proceedings ..

Reference: http://www.proz.com/kudoz/spanish-to-english/real-estate/600...

Adrian MM.
Austria
Specializes in field
Native speaker of:

English
PRO pts in category: 24

12 mins confidence:

benefit of the term

Oliver Simões
United States
Local time: 07:33
Works in field
Native speaker of:

Portuguese
PRO pts in category: 62

Grading comment

Sorry for late acceptance Oliver. Benefit of (the) terms seems just the solution.

Notes to answerer

Asker: I agree with you Oliver, particularly after Liz's reference, which clarifies the matter for me. Literal can be correct :)

1 day 2 hrs confidence:

benefit of term, term benefi

Explanation:
No contexto jurídico em Portugal, "benefício do prazo" pode ser traduzido para o inglês como "benefit of term" ou "term benefit". Portanto, a parte relevante da frase traduzida seria:

"...expressly waiving the benefit of prior excussion, as well as the benefit of term provided for in Article 782 of the Civil Code..."

Carolina Falcao
Brazil
Local time: 11:33
Native speaker of: Portuguese
PRO pts in category: 4

Reference comments

1 day 16 hrs

Reference: Código Civil Português, Capítulo VII, Secção I, Subsecção IV.

Reference information:
Subsecção IV

Prazo da prestação

Artigo 777.º
(Determinação do prazo)
1. Na falta de estipulação ou disposição especial da lei, o credor tem o direito de exigir a todo o tempo o cumprimento da obrigação, assim como o devedor pode a todo o tempo exonerar-se dela.
2. Se, porém, se tornar necessário o estabelecimento de um prazo, quer pela própria natureza da prestação, quer por virtude das circunstâncias que a determinaram, quer por força dos usos, e as partes não acordarem na sua determinação, a fixação dele é deferida ao tribunal.
3. Se a determinação do prazo for deixada ao credor e este não usar da faculdade que lhe foi concedida, compete ao tribunal fixar o prazo, a requerimento do devedor.
Artigo 778.º
(Prazo dependente da possibilidade ou do arbítrio do devedor)
1. Se tiver sido estipulado que o devedor cumprirá quando puder, a prestação só é exigível tendo este a possibilidade de cumprir; falecendo o devedor, é a prestação exigível dos seus herdeiros, independentemente da prova dessa possibilidade, mas sem prejuízo do disposto no artigo 2071.º
2. Quando o prazo for deixado ao arbítrio do devedor, só dos seus herdeiros tem o credor o direito de exigir que satisfaçam a prestação.

Artigo 779.º
(Beneficiário do prazo)
O prazo tem-se por estabelecido a favor do devedor, quando se não mostre que o foi a favor do credor, ou do devedor e do credor conjuntamente.

Artigo 780.º
(Perda do benefício do prazo)
1. Estabelecido o prazo a favor do devedor, pode o credor, não obstante, exigir o cumprimento imediato da obrigação, se o devedor se tornar insolvente, ainda que a insolvência não tenha sido judicialmente declarada, ou se, por causa imputável ao devedor, diminuírem as garantias do crédito ou não forem prestadas as garantias prometidas.
2. O credor tem o direito de exigir do devedor, em lugar do cumprimento imediato da obrigação, a substituição ou reforço das garantias, se estas sofreram diminuição.

Artigo 781.º
(Dívida liquidável em prestações)
Se a obrigação puder ser liquidada em duas ou mais prestações, a falta de realização de uma delas importa o vencimento de todas.

Artigo 782.º
(Perda do benefício do prazo em relação aos co=obrigados e terceiros)
A perda do benefício do prazo não se estende aos co-obrigados do devedor, nem a terceiro que a favor do crédito tenha constituído qualquer garantia.

Mark Robertson
Native speaker of:

English
PRO pts in category: 195

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English translation: benefit of the term

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