A more thorough explanation:

Definition: Statute staple is a historical term that refers to a 1353 statute that established procedures for settling disputes among merchants who traded in staple towns. It helped merchants receive swift judgments for debt. It also refers to a bond for commercial debt that gave the lender a possessory right in the land of a debtor who failed to repay a loan.

Example: A borrower could use a registered contract to charge their land and goods without giving up possession. If they failed to pay, the lender became a tenant of the land until satisfied. The borrower under a statute or recognizance remained in possession of their 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.

Explanation: The example illustrates how statute staple was used as a form of security for commercial debt. It allowed the borrower to keep possession of their land and goods while charging them as collateral. If the borrower failed to repay the loan, the lender could take possession of the land until the debt was satisfied. This practice was common in medieval England and helped merchants conduct business more efficiently.