Statute merchant
Encyclopedia
Statute merchant and statute staple; two old forms of security, long obsolete in English
practice, though references to them still occur in some modern statutes.
The former security was first created by the 1283 Statute of Merchants, or Statute of Acton Burnell (named after Acton Burnell
in Shropshire
, the place were Parliament met and passed the statute) and amplified by the 1285 Statute of Merchants 1285, whence its name, and the latter by an act of 1353, which provided that in every staple (i.e. public mart) the seal of the staple should be sufficient validity for a bond of record acknowledged and witnessed before the mayor of the staple. They were originally permitted only among traders, for the benefit of commerce, but afterwards extended by an act of Henry VIII
(1532) to all subjects, whether traders or not. The creditor under either form of security was allowed to seize the goods and hold the lands of a defaulting debtor until satisfaction of his debt. While he held the lands he was termed tenant
by statute
merchant or by statute
staple. In addition to the loss of his goods and lands the debtor
was liable to be imprisoned. Statute merchant, owing to the summary method of enforcing payment, was sometimes known as pocket judgment. Both were repealed by the Statute Law Revision Act 1863.
England
England is a country that is part of the United Kingdom. It shares land borders with Scotland to the north and Wales to the west; the Irish Sea is to the north west, the Celtic Sea to the south west, with the North Sea to the east and the English Channel to the south separating it from continental...
practice, though references to them still occur in some modern statutes.
The former security was first created by the 1283 Statute of Merchants, or Statute of Acton Burnell (named after Acton Burnell
Acton Burnell
Acton Burnell is a village and parish in the English county of Shropshire. It lies at 110m above sea level and is near to Park Wood.-Attractions:...
in Shropshire
Shropshire
Shropshire is a county in the West Midlands region of England. For Eurostat purposes, the county is a NUTS 3 region and is one of four counties or unitary districts that comprise the "Shropshire and Staffordshire" NUTS 2 region. It borders Wales to the west...
, the place were Parliament met and passed the statute) and amplified by the 1285 Statute of Merchants 1285, whence its name, and the latter by an act of 1353, which provided that in every staple (i.e. public mart) the seal of the staple should be sufficient validity for a bond of record acknowledged and witnessed before the mayor of the staple. They were originally permitted only among traders, for the benefit of commerce, but afterwards extended by an act of Henry VIII
Henry VIII of England
Henry VIII was King of England from 21 April 1509 until his death. He was Lord, and later King, of Ireland, as well as continuing the nominal claim by the English monarchs to the Kingdom of France...
(1532) to all subjects, whether traders or not. The creditor under either form of security was allowed to seize the goods and hold the lands of a defaulting debtor until satisfaction of his debt. While he held the lands he was termed tenant
Tenement (law)
A tenement , in law, is anything that is held, rather than owned. This usage is a holdover from feudalism, which still forms the basis of all real-estate law in the English-speaking world, in which the monarch alone owned the allodial title to all the land within his kingdom.Under feudalism, land...
by statute
Statute
A statute is a formal written enactment of a legislative authority that governs a state, city, or county. Typically, statutes command or prohibit something, or declare policy. The word is often used to distinguish law made by legislative bodies from case law, decided by courts, and regulations...
merchant or by statute
Statute
A statute is a formal written enactment of a legislative authority that governs a state, city, or county. Typically, statutes command or prohibit something, or declare policy. The word is often used to distinguish law made by legislative bodies from case law, decided by courts, and regulations...
staple. In addition to the loss of his goods and lands the debtor
Debtor
A debtor is an entity that owes a debt to someone else. The entity may be an individual, a firm, a government, a company or other legal person. The counterparty is called a creditor...
was liable to be imprisoned. Statute merchant, owing to the summary method of enforcing payment, was sometimes known as pocket judgment. Both were repealed by the Statute Law Revision Act 1863.