- Ferm
- Ferm, firma Latin, feorme Saxon = food rentFixed sum, usually paid annually, for the right to collect all revenues from land; in effect, rent. Lords could farm land to vassals, receiving a fixed annual rent in place of the normal feudal obligation. Many sheriffs farmed out their shires, contracting in advance to pay a fixed annual sum to the crown, thus obtaining the right to collect any additional royal revenues for their own profit. The resulting extortion became widely unpopular.♦ A fixed annual payment, a lease.(Waugh, Scott. England in the Reign of Edward III, 238)♦ A fixed annual payment. The "borough farm" or "fee-farm" (firma burgi) was the basic lump sum from a town which had to be paid into the Exchequer each year either by the sheriff of the county or by the town's own officials.(Reynolds, Susan. An Introduction to the History of English Medieval Towns, 198)
Medieval glossary. 2014.