What is Baneret Or Banneret?

Alternative Forms: Baneret | Banneret
Legal Definition
In English law. A knight made in the field, by the ceremony of cutting off the point of his standard, and making it, as it were, a banner. Knights so made are acoounted so honorable that they are allowed to display their arms in the royui army, as barons do, and may bear arms with supporters. They rank next to barons; and were sometimes called "vexillarii." Wharton.
-- Black's Law Dictionary