Statute merchant

(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.

Statute merchant

STATUTE MERCHANT, English law. A security entered before the mayor of London, or some chief warden of a city, in pursuance of 13 Ed. 1. stat. 3, c. 1, whereby the lands of the debtor are conveyed to the creditor, till out of the rents and profits of them, his debt may be satisfied. Cruise, Dig. t. 14, s. 7; 2 Bl. Com. 160.

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