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Simple English definitions for legal terms
de statuto mercatorio
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A quick definition of de statuto mercatorio:
Term: DE STATUTO MERCATORIO
Definition: De statuto mercatorio is a legal term that refers to a writ that orders the imprisonment of someone who fails to pay a statute-merchant bond. This bond was established in the 13th century to secure and recover debts in a timely manner. If the debtor did not pay the bond, swift execution could be carried out on their lands, goods, and body. The statutes that established this bond were repealed in 1863.
A more thorough explanation:
De statuto mercatorio is a Latin term that means "of statute merchant." It refers to a writ that orders the imprisonment of someone who fails to pay a statute-merchant bond until the debt has been paid.
Statute merchant is a commercial bond that was established in the 13th century to secure and recover debts. If the debtor failed to pay the bond on time, swift execution could be carried out on their lands, goods, and body. These statutes were repealed in 1863.
For example, if John borrowed money from Jane and failed to pay it back on time, Jane could use a statute-merchant bond to demand the seizure and imprisonment of John's body until he paid the debt.
The invention of the statute merchant was a significant development in English law because it allowed creditors to have more power in securing their debts and encouraged commerce.