Statute merchant

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(Eng. Law) a bond of record pursuant to the stat. 13 Edw. I., acknowledged in form prescribed, on which, if not paid at the day, an execution might be awarded against the body, lands, and goods of the debtor, and the obligee might hold the lands until out of the rents and profits of them the debt was satisfied; - called also a pocket judgment. It is now fallen into disuse.

See also: Statute

Webster's Revised Unabridged Dictionary, published 1913 by G. & C. Merriam Co.
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What sort of chaos prompted the York council's decision in 1371 that the Statute Merchant Boll should be kept in the council chamber on Ousebridge, and that, since each mayor was responsible for the rolls of his year in office, his executors would inherit that responsibility after his death?
The remedy was to register the debt or loan under Statute Merchant or Statute Staple.
Statute Merchant and Statute Staple bonds had the strength of bills of exchange within England and should have offered an attractive alternative to the less formal arrangements already described.
During the Peasants' Revolt, the "rebels" in Beverley extorted bonds from some of the town's establishment by force Statute Merchant bonds.