STATUTE REAL Meaning and
Definition
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Statute real is a legal term that refers to a specific type of interest or right in real property that a person possesses by virtue of a statute, rather than as a result of ownership or actual occupation. It is a statutory creation of an estate, granting a particular interest in land to a party, with the purpose of securing or enforcing a certain obligation.
This term is most commonly associated with a legal provision which enables a lender or creditor to have a security interest in property for the repayment of a debt owed by the property owner. In essence, it allows the lender to have a statutory charge or encumbrance over the property, providing them with the right to sell or foreclose on the property in the event of default by the debtor.
Statute real can also encompass other statutory interests in land, such as an easement or a rent charge. For example, a local government may have a statute that grants them the power to create an easement on private land for public purposes, such as the construction of utilities or infrastructure.
In summary, statute real refers to a legal interest or right in real property created by a statute, typically for the purpose of securing a debt or fulfilling a specific statutory obligation. It provides the holder of the interest certain rights and powers over the property, which can include the ability to sell or enforce the interest in case of default.
Common Misspellings for STATUTE REAL
- atatute real
- ztatute real
- xtatute real
- dtatute real
- etatute real
- wtatute real
- sratute real
- sfatute real
- sgatute real
- syatute real
- s6atute real
- s5atute real
- stztute real
- ststute real
- stwtute real
- stqtute real
- starute real
- stafute real
- stagute real
- stayute real
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