- a written legislation passed away by way of a legislative human body
- A rule of an institution or organization
- archaic (in biblical use) a statutory law or decree produced by a sovereign, or by God
- prohibit (anyone) from starting one thing
- forbid (an action) to some body
- exclude (something) from consideration
- Legislation restrict or wait (an action) by objection
What exactly is statute banned financial obligation?
Through the dictionary definitions above we are able to deduce for ourselves that the statute banned financial obligation is one that’s excluded from certain actions by way of a written legislation passed away by way of a legislative human body ВвЂ” but excluded from what and also by whom?
Basically, a statute banned financial obligation is certainly one that may not any longer be recovered or chased by the creditor because of regulations presented for legal reasons.