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Simple English definitions for legal terms
de mercatoribus
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A quick definition of de mercatoribus:
Term: de mercatoribus
Definition: De mercatoribus is a Latin term that refers to two laws made during the reign of Edward I in England. These laws allowed a creditor to hold a debtor's land as security until the debt was paid. This means that if a business owner owed money to someone, the creditor could take their land until the debt was paid off. The laws were created to protect merchants and their businesses, but they also had some harsh consequences for debtors.
A more thorough explanation:
Term: de mercatoribusDefinition: De mercatoribus is a Latin term that refers to two statutes enacted during the reign of Edward I in England. These statutes allowed a creditor to hold the land of a business debtor as security until the debt was paid. This means that if a merchant owed money to someone, the creditor could take possession of the merchant's land until the debt was paid off. For example, if a merchant borrowed money to buy goods and couldn't pay it back, the creditor could take the merchant's land as payment instead. This law was important because it helped ensure that merchants paid their debts and protected creditors from losing money.