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.

References in periodicals archive ?
During the Peasants' Revolt, the "rebels" in Beverley extorted bonds from some of the town's establishment by force Statute Merchant bonds.
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.