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LSDefine
Simple English definitions for legal terms
prest
Read a random definition: dead asset
A quick definition of prest:
Term: PREST
Definition: In the past, the sheriff had to pay a fee called prest when he presented his account in the Exchequer or when he had money in his possession that belonged to someone else.
A more thorough explanation:
Definition: A historical duty that a sheriff had to pay upon his account in the Exchequer or for money remaining in his custody.
Example: In medieval England, the sheriff was responsible for collecting taxes and other fees on behalf of the king. If the sheriff failed to pay the money collected into the Exchequer, he would be charged with a prest.
Explanation: The example illustrates how the term prest was used in medieval England to refer to a duty that the sheriff had to pay for failing to deposit the collected money into the Exchequer. The term was used to hold the sheriff accountable for the money he collected on behalf of the king.