Statutory refers to something that is related to a formal law or a statute, and non-statutory is essentially another term for common law. If something is statutory, it is based on laws or statutes. If something is non-statutory, it is based on customs, precedents or previous court decisions.Know More
One of the most commonly used instances of the word statutory is in the phrase statutory rape. This phrase refers to a consensual sexual act between an adult and a minor. The inclusion of the word statutory in this phrase refers to the fact that the encounter is considered rape under the law. However, it is not necessarily rape in the sense of being forced to perform sexual acts against one's will.
Another case in which the words statutory and non-statutory are used is in the discussion of stocks. If someone purchases a stock through an employee stock program or an incentive stock option (ISO), he is buying a statutory stock. If he purchases stocks through another entity or program, he is buying non-statutory stocks. Both statutory and non-statutory stocks are taxed as capital gains, but the way the IRS values these stocks is different.
Although the word statutory is still used regularly, the word non-statutory is not used as often, as most people simply use the phrase common law.Learn More
When a judge vacates something, it means the ruling or verdict is set aside, such as an order or judgment that he finds improper. In the case of tenancy law, vacate refers to an order to move out and cease occupancy of a rental unit, according to Rottenstein Law Group.Full Answer >
A lie of omission is a lie in which someone deliberately withholds pertinent details about something in order to skew someone else's idea of the truth or engender a misconception. Although a lie of omission is not technically a lie because it contains no false information, it is still referred to as one colloquially because it is deliberately misleading.Full Answer >
In Alabama, something purchased on credit or something offered as collateral can be repossessed, but there are several laws outlining how this can be done, states AlabamaLegalHelp. These laws revolve around a signed agreement between a purchaser and a creditor and provide limits and obligations for both.Full Answer >
A motion for leave is a request to file something that is not automatically allowed under the law. Often, a motion for leave to file is used to request a time extension from the court. Once the court receives the motion, the judge may either grant or deny it.Full Answer >