estate by statute staple

estate by statute staple
The interest or estate of the creditor in land conveyed to him under the statute 27 Edward III. c. 9, before the mayor of the staple, that is the grand mart for the principal commodities or manufactures of the kingdom in certain trading towns, and therefore called a statute staple. This conveyance was by way of security to be held by the creditor as "tenant by statute staple" until the income and profits from the land thus held by him should discharge the debt which was an ascertained and definite sum. See 2 Bl Comm 160.

Ballentine's law dictionary. . 1998.

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