law merchant

law merchant
A body of commercial law embracing the usages of merchants in different commercial countries, but not resting exclusively on the institutions and local customs of any particular country, consisting of certain principles of equity and usages of trade which general convenience and a common sense of justice have established to regulate the dealings of merchants and mariners in all the commercial countries of the civilized world. Bank of Conway v Stary, 51 ND 399, 200 NW 505, 37 ALR 1186. Long recognized as a part of the common law. 15 Am J2d Com L § 8. The basis of the jurisprudence regulating bills of exchange and promissory notes, particularly the negotiability of such instruments and the rights and liabilities of persons becoming parties to the instrument. 11 Am J2d B & N § 36. The law merchant or lex mercatoria was originally a separate body of law, and, like equity and admiralty law, was administered in separate or special courts. It bore some analogy to the Roman system known as "jus gentium." The lex mercatoria was not, like the common law, the custom of a place or territory; it was the recognized custom of merchants and traders who had business relations in all the countries of Europe, including England. The merchant class and the controversies of its members arising out of commercial transactions, were not subject to the common law. During the sixteenth century the admiralty court declared the principles of the law merchant. Later, the common law judges encroached upon the field of admiralty over commercial transactions. Thus, the law merchant gradually became a part of the legal system of England. Bank of Conway v Stary, 51 ND 399, 200 NW 505, 37 ALR 1186, 1193.

Ballentine's law dictionary. . 1998.

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  • law merchant — n: the commercial rules developed under English common law that influenced modern commercial law and that are referred to as supplementing rules set down in the Uniform Commercial Code and in state codes Merriam Webster’s Dictionary of Law.… …   Law dictionary

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  • law merchant — n. all the rules and usages originating in the customs of merchants and now applied to dealings in trade and commerce, where not changed by statute; mercantile or commercial law …   English World dictionary

  • Law Merchant — The Law Merchant is a legal system used by merchants in medieval Europe, including England. Rather than being the result of the edict of a final authority, it was evolved based on common usage.OriginsThe Law Merchant, or Lex Mercatoria , was… …   Wikipedia

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  • law merchant — the principles and rules, drawn chiefly from custom, determining the rights and obligations of commercial transactions; commercial law. [1615 25] * * * ▪ medieval European law       during the Middle Ages, the body of customary rules and… …   Universalium

  • law-merchant — lawˈ merˈchant noun (obsolete) The customs that have grown up among merchants in reference to mercantile documents and business, commercial law • • • Main Entry: ↑law …   Useful english dictionary

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  • law merchant — Body of law governing commercial transactions which had its origin in common law of England regulating merchants. See U.C.C. No. 1 103. See also commercial law mercantile law Uniform Commercial Code …   Black's law dictionary

  • law merchant — Body of law governing commercial transactions which had its origin in common law of England regulating merchants. See U.C.C. No. 1 103. See also commercial law mercantile law Uniform Commercial Code …   Black's law dictionary

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