Act regarding the change of the terms

Our sovereign lord and estates of parliament, considering the great prejudices his majesty's lieges do sustain by the inconvenience of the present terms of payment of their debts and annualrents at Whitsunday [May/June] and Martinmas [11 November] heretofore, whereas if the same were altered and changed to Lammas [1 August] and Candlemas [2 February] yearly, they might get in their own rents and duties to pay their lawful creditors therewith more easily at the said terms of Lammas and Candlemas than at the former terms of Whitsunday and Martinmas. Therefore, our sovereign lord and estates of parliament have now altered and changed the former course of terms of payment from Whitsunday and Martinmas to the terms of Lammas and Candlemas in all time hereafter and ordain the same to be usual terms of payment of all debts and annualrent and for using of all order of redemption; and ordain all premonitions and requisitions to be made before the said terms of Lammas and Candlemas in place of the terms of Whitsunday and Martinmas in time coming, notwithstanding of any clause of redemption, premonition or requisition contained in any bonds or other writs bearing same to be made or done either before Whitsunday or Martinmas in manner specified therein, with the which our sovereign lord and estates of parliament dispense for ever; beginning the first term's redemption, premonition or requisition at and before Candlemas next, in place of the term of Martinmas, and the next term at and before Lammas next, for and in place of Whitsunday, and so forth yearly and termly in all time coming, without prejudice to all creditors of all their just annualrents that shall be due to them from Martinmas next to Candlemas next, and from Whitsunday to Lammas, which is declared to be one quarter's annualrent, and likewise without prejudice to them of all other bygone annualrent resting owed to them of whatsoever other years or terms preceding, which are and shall be paid at the term of Candlemas next. And this act to be understood only for borrowing and lending of monies upon bonds or infeftment and payment of annualrents, and the former terms of Whitsunday and Martinmas to stand for redemptions, proper wadsets, flitting and removing of tenants both in burgh and land.

  1. NAS, PA2/22, f.144r.