A statute of 1344 shows some weakness; but the statute of 1391 is memorable, not merely as being the Mortmain Code of three centuries, but as extending the rule of mortmain to all bodies, religious and secular alike, having perpetual succession. For this extension marks the definite recognition by English Law of the corporation, or, as it is sometimes called, the 'fictitious person' - the legal personality which is not restricted to the limits of individual life. The gradual evolution of this institution is one of the most fascinating chapters in legal history...

The practice of creating chartered joint-stock companies of a modern type seems to have begun at the commencement of the seventeenth century; and the formation of the East India Company is one of the earliest, if not the very earliest, examples. At first, it appears, the 'joint stock' of the company was separately made up for each ship; perhaps for each voyage. But, in the year 1612 the Company made the momentous resolve to have one joint stock for the whole of its affairs, and thus inaugurated a new epoch. The East India Company, or Companies, (for there were two of them), were followed by the Hudson's Bay Company (1670), the existence of which was recognized by statute in 1707, and by the Bank of England and the notorious South Sea Company.

First in point of time and interest comes the mortgage debt, i.e. the claim for the return of money lent on the security of some tangible object. Such claims are among the earliest fruits of a commercial civilization, and are nearly always affected the same way, viz. by the deposit or pledge of the security with the creditor, to be redeemed or returned on the payment of the debt.

Thus, at long last, as a visible emblem of unity was daily growing in the new Palace of Justice then being erected in the Strand, half way between the historic site of Westminster the historic centre of the commercial capital of the world, there began to grow up, in the minds of reformers, the vision of a great and united Supreme Court of Justice, with uniform principles, uniform law, and uniform procedure.

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The invention of writs was really the making of the English Common Law; and the credit of this momentous achievement, which took place chiefly between 1150 and 1250, must be shared between the officials of the royal Chancery, who framed new forms, and the royal judges, who either allowed them or quashed them.

But the fact that the word "chattel" has survived as the inclusive legal term for all movable goods, points, not merely to the great importance of cattle in primitive times, but to the importance of the notion of sale or barter in generating the institution of property.

The fate of the Statute of Uses is one of the most curious in legal history. Its secret and unavowed purpose, of securing the estates of the monasteries for the Crown, it accomplished. Its ostensible purpose, fortified by a wealth of hypocritical justification, it entirely failed to achieve. Not only were devises of lands, after a brief interval, put on a legal footing; but, as is well known, uses of lands as distinguished from legal estates, soon re-appeared in full vigour. Whilst in unforeseen directions, that statute worked havoc in the medieval system of conveyancing; and gradually modernized it out of existence.