Statute Merchant - Definition - Law Dictionary Home Dictionary Definition statute-merchant

Definition :

Statute-merchant, a bond of record (see 13 Edw. 1 (Stat. Merc.) repealed by Stat. Law Rev. Act, 1863) under the hand and seal of the debtor, authenticated by the sovereign's seal, with the effect that, on failure of payment on the day assigned, execution might be awarded, without any mesne process to summon the debtor, or bringing in proofs to convict him, and thus, it is presumed, it obtained the name of a 'pocket judgment.' Obsolete.