Staple

A species of estate defeasible on condition subsequent; a security for money. The statute-merchant was entered into before the chief magistrate of some trading town, pursuant to 13 Edw. I (1285), de mercatoribus; the statute-staple, pursuant to 27 Edw. III (1354), c. 9, before the mayor of the staple, q. v. They are both securities for debts acknowledged to be due; and were originally permitted only among traders, for the benefit of commerce. They allowed the debtor to be imprisoned, his goods seized, and his lands delivered to the creditor till out of the income the balance of the claim was paid in full. While the creditor held the lands he was tenant by statute-merchant or statute-staple. Compare Extent, 3.