{"id":16515,"date":"2018-06-12T03:30:11","date_gmt":"2018-06-12T03:30:11","guid":{"rendered":"https:\/\/reunitethestates.org\/?page_id=16515"},"modified":"2018-06-13T03:46:18","modified_gmt":"2018-06-13T03:46:18","slug":"estate-by-statute-staple-an-estate-held-under-a-bond-for-a-commercial-debt-which-gives-the-lender-a-possessory-right-in-the-land-of-a-debtor-who-failed-to-repay-a-loa","status":"publish","type":"page","link":"https:\/\/reunitethestates.org\/?page_id=16515","title":{"rendered":"estate by statute staple – an estate held under a bond as security for a commercial debt, giving the lender a possessory right in the land of a debtor who failed to repay a loan"},"content":{"rendered":"

\u00a0 \u00a0 \u00a0This page is continued from\u00a0Property<\/a> >>>>\u00a0Interest<\/a>\u00a0>>>> Estate<\/a>\u00a0>>>> Estate in Gage<\/a>:<\/strong><\/span><\/p>\n

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estate by statute staple<\/span>:<\/span><\/strong>
\n(1856)<\/span><\/p>\n

1. An estate in a defendant\u2019s land held by a creditor under the statute staple<\/span> until the debt was paid.<\/strong>\u00a0[1]<\/span><\/p>\n

1. The interest or estate of the creditor in land conveyed to him under the statute 27 Edward III. c. 9, before the mayor of the staple, that is the grant mart for the principal commodities or manufactures of the kingdom in certain trading towns, and therefore called a statute staple. \u00a0This conveyance was by way of security to be held by the creditor as “tenant by statute staple” until the income and\u00a0<\/span>profits<\/span>\u00a0from the land thus held by him should\u00a0discharge the debt which was an ascertained and definite sum.<\/span><\/span><\/strong> \u00a0See <\/span><\/span>2 Bl Comm 16<\/strong><\/span>. [2]<\/span><\/span><\/p>\n

statute staple<\/span>:<\/span><\/strong><\/span>
\n(15c)<\/span><\/p>\n

1.<\/strong> Hist<\/em>. A 1353 statute establishing procedures for settling disputes among merchants who traded in staple towns. \u00a0* \u00a0The statute helped merchants receive swift judgments for debt.<\/strong> \u00a0Cf. STATUTE MERCHANT.<\/span><\/p>\n

2. A bond for commercial debt. \u00a0* \u00a0A statute staple gave the lender a possessory right in the land of a debtor who failed to repay a loan. \u00a0<\/strong>See STAPLE.<\/span><\/p>\n

\u00a0 \u00a0 \u00a0Excerpt from J.H. Bakers’ An Introduction to English Legal History<\/em><\/a> 354 (3d ed. 1990):<\/span><\/strong><\/p>\n

\u00a0 \u00a0 \u00a0“A popular form of security after 1285… was the… ‘statute staple’\u00a0\u2014 whereby the borrower could by means of a registered contract charge his land and goods without giving up\u00a0<\/span><\/span>possession<\/span>; if he failed to pay the lender became a\u00a0tenant of the land until satisfied…. The borrower under a statute or recognizance remained in possession of his land, and it later became a common practice under the common-law forms of mortgage likewise to allow the mortgagor to remain in possession as a tenant at will or at sufferance of the mortgagee.<\/span>“<\/span><\/span><\/strong><\/p>\n

References:<\/span><\/span><\/strong><\/p>\n

Disclaimer:<\/span><\/span><\/strong> All material throughout this website is compiled in accordance with Fair Use<\/a>.<\/span><\/strong><\/p>\n

[1]: Black’s Law Dictionary <\/a><\/span><\/strong>Deluxe<\/b><\/span><\/a><\/em> Tenth<\/b><\/span><\/a><\/em> Edition<\/b><\/span><\/a><\/em> by Henry Campbell Black, Editor in Chief Bryan A. Garner. ISBN: 978-0-314-61300-4 <\/span><\/strong><\/p>\n

[2]: Ballantine\u2019s Law <\/a><\/span><\/strong>Dictionary\u00a0<\/b><\/span><\/a><\/strong>with<\/b><\/span><\/a><\/em> Pronunciations<\/b><\/span><\/a><\/em> Third Edition<\/a>\u00a0by James A. Ballantine\u00a0<\/span><\/strong>(James Arthur 1871-1949).\u00a0\u00a0<\/span><\/em>Edited by William S. Anderson.\u00a0\u00a0\u00a9 1969 by THE LAWYER\u2019S CO-OPERATIVE PUBLISHING COMPANY.\u00a0 Library of Congress Catalog Card No. 68-30931<\/span><\/strong><\/p>\n

[3]:\u00a0\u00a0Ballantine\u2019s Law Dictionary <\/a><\/span><\/strong>Legal<\/b><\/span><\/a><\/em> Assistant<\/b><\/span><\/a><\/em> Edition<\/b><\/span><\/a><\/em>
\nby Jack Ballantine\u00a0<\/span><\/strong>(James Arthur 1871-1949).\u00a0\u00a0<\/span><\/em>Doctored<\/span><\/a><\/strong>\u00a0<\/span><\/em>by\u00a0Jack G. Handler,\u00a0J.D.<\/a>\u00a0\u00a9 1994 Delmar by Thomson Learning.\u00a0 ISBN 0-8273-4874-6.<\/span><\/strong><\/p>\n

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