Q:

What is statutory and non-statutory?

A:

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.

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.


Is this answer helpful?

Similar Questions

  • Q:

    What is the difference between common law and equity?

    A:

    Equity establishes justice if common law is inadequate in certain circumstances, according to Cornell University Law School. The equity route is only an option when legal recourse has been exhausted.

    Full Answer >
    Filed Under:
  • Q:

    What does "unsolicited" mean?

    A:

    According to the Free Dictionary, "unsolicited" means that something is not searched for or sought after. Dictionary.com notes that "unsolicited" can mean something is supplied without asking for it.

    Full Answer >
    Filed Under:
  • Q:

    Where can I get something notarized?

    A:

    In order to have something notarized, you must bring your documentation to a notary public. Notary publics work at post offices, mail centers, packaging and shipping centers, libraries and legal offices. There are also traveling notary publics who travel to their customers, as well as notary publics who run their own private businesses. Notaries who work in post offices and mail centers work limited hours, and many work by appointment only.

    Full Answer >
    Filed Under:
  • Q:

    What is a lie of omission?

    A:

    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 >
    Filed Under:

Explore