Online Encyclopedia

Search over 40,000 articles from the original, classic Encyclopedia Britannica, 11th Edition.

STATUTE MERCHANT

Online Encyclopedia
Originally appearing in Volume V25, Page 814 of the 1911 Encyclopedia Britannica.
» Make a correction to this article.
» Add information or comments to this article.
Spread the word: del.icio.us del.icio.us it!

See also:

STATUTE See also:MERCHANT and STATUTE See also:STAPLE, two old forms of See also:security, See also:long obsolete in See also:English practice, though references to them still occur in some See also:modern statutes. The former security was first created by the Statute of See also:Acton See also:Burnell (1283) and amplified by the Statute of Merchants (1285)—whence its name—and the latter by an See also:act of 1353, which provided that in every staple (i.e. public mart) the See also:seal of the staple should be sufficient validity for a See also:bond of See also:record acknowledged and witnessed before the See also:mayor of the staple. They were originally permitted only among traders, for the benefit of See also:commerce, but afterwards extended by an act of See also:Henry VIII. (1532) to all subjects, whether traders or not. The creditor under either See also:form of security was allowed to seize the goods and hold the lands of a defaulting. debtor until See also:satisfaction of his See also:debt. While he held the lands he was termed See also: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 See also:summary method of enforcing See also:payment, was some-times known as " See also:pocket See also:judgment." Both were repealed by the Statute See also:Law Revision Act 1863.

End of Article: STATUTE MERCHANT

Additional information and Comments

There are no comments yet for this article.
» Add information or comments to this article.
Please link directly to this article:
Highlight the code below, right click, and select "copy." Then paste it into your website, email, or other HTML.
Site content, images, and layout Copyright © 2006 - Net Industries, worldwide.
Do not copy, download, transfer, or otherwise replicate the site content in whole or in part.

Links to articles and home page are always encouraged.

[back]
STATUTE 		[next]
STAUNTON

Site © 2006 - Net Industries