Glossary entry

Portuguese term or phrase:

benefício do prazo

English translation:

benefit of the term

Added to glossary by Heather Phillips
Nov 28, 2023 21:39
6 mos ago
26 viewers *
Portuguese term

benefício do prazo

Portuguese to English Bus/Financial Finance (general) Portuguese deed of sale detailing mortgage conditions
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.

Discussion

Oliver Simões Nov 30, 2023:
@Mark 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 Nov 30, 2023:
@Oliver 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 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 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 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 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...

Proposed translations

12 mins
Selected

benefit of the term

"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. :-)
Note from asker:
I agree with you Oliver, particularly after Liz's reference, which clarifies the matter for me. Literal can be correct :)
Peer comment(s):

disagree Antônio Souza : I agree with Phil in the discussion
2 hrs
Good grief! You ignored my references once again. Quite frankly, I don't understand your obsession in thumbing my answers down. If you have a better translation, why don't you propose it?
agree Breno Gomez : Agreed, i think that it fits considering the references provided.
15 hrs
Thank you, Breno.
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4 KudoZ points awarded for this answer. Comment: "Sorry for late acceptance Oliver. Benefit of (the) terms seems just the solution."
12 hrs
Portuguese term (edited): renunciar desde já e expressamente benefício do prazo

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

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:

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 ..

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1 day 2 hrs

benefit of term, term benefi

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..."
Peer comment(s):

neutral Oliver Simões : You basically provided the same translation as mine without adding any references!
17 hrs
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Reference comments

1 day 16 hrs
Reference:

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

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.
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