Statutory Owner - Definition - Law Dictionary Home Dictionary Definition statutory-owner

Definition :

Statutory owner. Defined by the (English) Settled Land Act, 1925, s. 117 (1) (xxvi.), as the trustees of the settlement or other persons who, during the minority, or at any other time when there is no tenant for life, have the powers of a tenant for life under that Act, but does not include the trustee of the settlement, where, by virtue of an order of the Court or otherwise, the trustees have the power to convey the settled land in the name of the tenant for life. Where land has been devised to an infant, the personal representatives, in other cases, the trustees of the settlement, may be statutory owners: ss. 23 and 26; see also s. 110 (ibid.).