Nexum was a debt bondage contract in Ancient Rome where the debtor pledged his person as collateral should he default on his loan. It was abolished by the Lex Poetelia Papiria in 326 BC. Debt bondage or bonded labor is a means of paying off a familys loans via the labor of family members or heirs. ... Ancient Rome was a civilization that grew from a small agricultural community founded on the Italian Peninsula circa the 9th century BC to a massive empire straddling the Mediterranean Sea. ... Collateral could mean: Collateral in finance means a security or guarantee (usually an asset) pledged for the repayment of a loan if one cannot procure enough funds to repay. ...

The Contract

Abolishment

According to Livy, nexum’s abolishment was due to the excessive cruelty and lust of a single “usurer,” Lucius Papirius. In 326 BC, a young boy named Gaius Publilius was guarantor to his father’s debt and became nexus of Papirius. The boy was noted for his youth and beauty, and Papirius fell into lust with him. He tried to seduce him with “lewd conversation,” but as the boy did not pay him attention he grew impatient and reminded the boy of his position as bond slave. When the boy again refused his forceful advances, Papirius had him stripped and lashed. The wounded boy ran into the street, and an outcry among the people led the consuls to convene the senate, resulting in the Lex Poetelia Papiria, which forbid holding debtors in bondage for their debt, but rather using the debtor’s property as collateral. All people confined under the nexum contract were released, and nexum as a form of legal contract was forbidden thereafter. ^[1] A portrait of Titus Livius made long after his death. ... A contract is a promise or an agreement that is enforced or recognized by the law. ... Consul (abbrev. ... The Roman Senate (Latin: Senatus) was the main governing council of both the Roman Republic, which started in 509 BC, and the Roman Empire. ...

See Also

• Twelve Tables
• Mancipatio

Ordinary Magistrates Extraordinary Magistrates Titles and Honors Emperor Politics and Law The Law of the Twelve Tables (Lex Duodecim Tabularum, more informally simply Duodecim Tabulae) was the ancient legislation that stood at the foundation of Roman law. ... There are very few or no other articles that link to this one. ...

Notes

1. ^ Livy, "History of Rome VIII.28", "The Perseus Digital Library". Retrieved on May 10, 2007.

External Links

Livy, "History of Rome VIII.28", "The Perseus Digital Library". Retrieved on May 10, 2007. May 10 is the 130th day of the year in the Gregorian calendar (131st in leap years). ... 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the Anno Domini era. ...