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De Mercatoribus: A Comprehensive Guide to Merchant Debt Recovery
Definition & Meaning
De Mercatoribus refers to a statute enacted during the reign of King Edward I, specifically in the year 1283. This law permitted the lands of merchants to be used as collateral for debts incurred during trade. The statute, also known as the Acton Burnell De Mercatoribus, was introduced in response to complaints from foreign merchants who faced difficulties in recovering debts because debtors' lands could not be sold to satisfy these obligations.
Table of content
Legal Use & context
This statute is primarily relevant in the context of commercial law and debt recovery. It allows creditors, particularly those engaged in trade, to secure their claims against merchants by placing liens on their properties. Legal practitioners may encounter this statute when dealing with cases involving trade debts, merchant transactions, and property rights. Users can manage related legal documents through templates available on platforms like US Legal Forms.
Key legal elements
Real-world examples
Here are a couple of examples of abatement:
Example 1: A merchant borrows funds to purchase inventory for their store. If they fail to repay the loan, the creditor can place a lien on the merchant's property to recover the owed amount.
Example 2: A foreign trader sells goods to a local merchant who defaults on payment. Under De Mercatoribus, the foreign trader can seek to claim the local merchant's property to recover the debt. (hypothetical example)
Relevant laws & statutes
The primary statute related to this term is the Acton Burnell De Mercatoribus, enacted in 1283. This law is foundational in establishing the rights of creditors in trade-related debts. Other relevant statutes may vary based on jurisdiction and specific trade regulations.
Comparison with related terms
Term
Definition
Key Differences
Liens
A legal right or interest that a lender has in the borrower's property, granted until the debt obligation is satisfied.
Liens can apply to various debts, while De Mercatoribus specifically pertains to trade-related debts.
Secured Debt
A loan backed by collateral to reduce the risk associated with lending.
Secured debt can involve various assets, while De Mercatoribus focuses on merchant properties.
Common misunderstandings
What to do if this term applies to you
If you are a creditor seeking to recover debts from a merchant, consider consulting a legal professional to understand your rights under De Mercatoribus. You can also explore US Legal Forms for templates that can assist you in drafting necessary legal documents. If the situation is complex, professional legal assistance is advisable.
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