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Simple English definitions for legal terms
statute merchant
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A quick definition of statute merchant:
A statute merchant is an old law that helped people get their money back if someone owed them a debt. It was made in the 13th century and allowed creditors to take the debtor's lands, goods, and even their body if they didn't pay back the money they owed. This law was repealed in 1863, but it was an important step in helping people secure their debts and protect their businesses.
A more thorough explanation:
Definition: Statute Merchant is a historical law that was established in the 13th century to secure and recover debts. It provided for a commercial bond that, if not paid on time, resulted in swift execution on the lands, goods, and body of the debtor. The commercial bond established under this law is also known as a pocket judgment.
Example: Under the Statute Merchant, a creditor could demand the seizure and imprisonment of the debtor's body if they failed to pay their debt on time. This law was important for the growth of commerce as it provided a way for creditors to secure their debts and recover them quickly.
Explanation: The Statute Merchant was a significant development in English law as it allowed creditors to have more power in securing their debts. The law was repealed in 1863, but it played an important role in the history of commerce and debt recovery.