Page:William Blackstone, Commentaries on the Laws of England (3rd ed, 1768, vol II).djvu/172

 160 thod of conveyance was by livery of eiin or corporal tradition of the lands, no gage or pledge of lands was good unles poeion was alo delivered to the creditor; "i non equatur ipius vadii traditio, curia domini regis hujumodi privatas conventiones tueri non olet:" for which the reaon given is, to prevent ubequent and fraudulent pledges of the ame land; "cum in tali cau poit eadem res pluribus aliis creditoribus tum prius tum poterius invadiari ." And the frauds which have arien, ince the exchange of thee public and notorious conveyances for more private and ecret bargains, have well evinced the widom of our antient law.

IV. pecies of etates, defeaible on condition ubequent, are thoe held hy tatute merchant, and tatute taple; which are very nearly related to the vivum vadium before-mentioned, or etate held till the profits thereof hall dicharge a debt liquidated or acertained. For both the tatute merchant and tatute taple are ecurities for money; the one entered into puruant to the tatute 13 Edw. I. de mercatoribus, and thence called a tatute merchant; the other puruant to the tatute 27 Edw. III. c. 9. before the mayor of the taple, that is to ay, the grand mart for the principal commodities or manufactures of the kingdom, formerly held by act of parliament in certain trading towns, and thence this ecurity is called a tatute taple. They are both, I ay, ecurities for debts, originally permitted only among traders, for the benefit of commerce; whereby the lands of the debtor are conveyed to the creditor, till out of the rents and profits of them his debt may be atisfied: and during uch time as the creditor o holds the lands, he is tenant by tatute merchant or tatute taple. There is alo a imilar ecurity, the recognizance in the nature of tatute taple, which extends the benefit of this mercantile tranaction to all the king's ubjects in general, by virtue of the tatute 23 Hen. VIII. c. 6.

V. imilar conditional etate, created by operation of law, for ecurity and atisfaction of debts, is called an etate Rh