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Simple English definitions for legal terms
pocket judgment
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A quick definition of pocket judgment:
Pocket judgment is an old law that helped people get their money back if someone owed them a debt. It was a special kind of bond that the debtor had to sign, promising to pay back the money. If they didn't pay, the creditor could take their land, goods, and even their body to get the money back. This law was made a long time ago, in the 13th century, and was used until 1863. It was important for trade and commerce because it made people more confident to lend money.
A more thorough explanation:
Definition: Pocket judgment is a term used in history to refer to the Statute Merchant, which was a law created in the 13th century to help secure and recover debts. It allowed for a commercial bond to be established, which, if not paid on time, could result in swift execution on the debtor's lands, goods, and body. The term "pocket judgment" refers to this commercial bond.
Example: In the interest of commerce, the Statute Merchant was created during the reign of Edward I. This law allowed creditors to demand the seizure and imprisonment of their debtor's body if they failed to pay their debt on time. This was a significant change in the common law, which previously did not allow for a person to pledge their body or liberty for payment of a debt.
Explanation: The example illustrates how the Statute Merchant, also known as pocket judgment, was a significant development in the history of English law. It allowed for a new form of security for creditors and helped to promote commerce by providing a way to recover debts more efficiently. The term "pocket judgment" refers to the commercial bond established under this law, which was a powerful tool for creditors to enforce their rights.