Statute merchant

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STATUTE MERCHANT, English law. A security entered before the mayor of London, or some chief warden of a city, in pursuance of 13 Ed. 1. stat. 3, c. 1, whereby the lands of the debtor are conveyed to the creditor, till out of the rents and profits of them, his debt may be satisfied. Cruise, Dig. t. 14, s. 7; 2 Bl. Com. 160.

A Law Dictionary, Adapted to the Constitution and Laws of the United States. By John Bouvier. Published 1856.
References in periodicals archive ?
Statute Merchant bonds, like other bonds, could be used in property transactions to convert a fixed asset, land, into working capital.
For instance, Gilbert Maunby sold a property in Thirsk in 1358 with a charge of an 80 [pounds sterling] debt under Statute Merchant still on it.
From the pledges' point of view, a major advantage of registering a loan or debt under Statute Merchant was that the pledges were not liable if the debt could not be met from the debtor's goods and chattels.
Beardwood, ed., The Statute Merchant Roll of Coventry.