1. (cap.) One of two 13th-century statutes establishing procedures to better secure and recover debts by, among other things, providing for a commercial bond that, if not timely paid, resulted in swift execution on the lands, goods, and body of the debtor. 13 Edw., ch. 6 (1283); 15 Edw., ch. 6 (1285). • These statutes were repealed in 1863.
— Also termed pocket judgment.
2. The commercial bond so established. Cf. STATUTE STAPLE.
“It is not a little remarkable that our common law knew no process whereby a man could pledge his body or liberty for payment of a debt …. Under Edward I, the tide turned. In the interest of commerce a new form of security, the so-called ‘statute merchant,’ was invented, which gave the creditor power to demand the seizure and imprisonment of his debtor’s body.” 2 Frederick Pollock & Frederic W. Maitland, The History of English Law Before the Time of Edward I 596–97 (2d ed. 1899).
