Statute merchant

Statute merchant(Latin:Statutum mercatorum) andstatute stapleare two old forms of security, longobsoleteinEnglishpractice, though references to them still occur in some modern statutes.

Act of Parliament
Parliament of England
Citation	11 Edw. 1

Recovery of Debts by Statute Merchant Act 1285

Act of Parliament
Parliament of England
Long title	Statutum Mercatorum
Citation	13 Edw. 1

The former security was first created by the Statute of Merchants 1283, orStatute of Acton Burnell(named afterActon BurnellinShropshire,the place where Parliament met and passed the statute) and amplified by theStatute of Merchants 1285,whence its name, and the latter by an act of 1353, which provided that in every staple (i.e. public mart) the seal of the staple should be sufficient validity for a bond of record acknowledged and witnessed before the mayor of the staple. They were originally permitted only among traders, for the benefit of commerce, but afterwards extended by an act ofHenry VIII(1532) to all subjects, whether traders or not. The creditor under either form of security was allowed to seize the goods and hold the lands of a defaulting debtor until satisfaction of his debt. While he held the lands he was termedtenantbystatutemerchant or bystatutestaple. In addition to the loss of his goods and lands thedebtorwas liable to be imprisoned.Statute merchant,owing to the summary method of enforcing payment, was sometimes known as pocket judgment. Both were repealed by theStatute Law Revision Act 1863.

An example of a suit of statute merchant can be seen in the Plea Rolls of theCourt of Common Pleas,in 1430, where John Salter, citizen and tanner ofYork,John Wyot, vicar of St Nicholas, Mikelgate, John Yoman, (the latter two as executors of Henry Ravenswath) are parties.