Dictionary of Business Terms: statute
statute
written law; act of a legislature, under constitutional authority, that becomes law, governing conduct within its scope. Statutes are enacted to prescribe conduct, define crimes, create inferior government bodies, appropriate public monies, and in general promote the public welfare.
Dictionary of Real Estate Terms: statute
statute
a law established by an act of legislature.
Example: When a bill is passed by the legislature and signed by the governor, it becomes a state statute. Similarly, when a bill is passed by Congress and signed by the president, it becomes a federal statute.
