Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
estate by statute staple
An estate in a defendant's land held by a creditor under the statute staple until the debt was paid. See STATUTE STAPLE.
statute staple
Hist. 1. A 1353 statute establishing procedures for settling disputes among merchants who traded in staple -towns. ( The statute helped merchants receive swift judgments for debt. Cf. STATUTE MERCHANT. 2. A bond for commercial debt. ( A statute staple gave the lender a possessory right in the land of a debtor who failed to repay a loan. See STAPLE. "A popular form of security after 1285 was the statute staple' - whereby the borrower could by means of a registered contract charge his land and goods without giving up possession; if he failed to pay, the lender became a tenant 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." J.H. Baker, An Introduction to English Legal History 354 (3d ed. 1990).