Statutory Expense Law and Legal Definition
Statutory expense refers to any special assessment tax or other charge that is imposed by federal, state or local taxing authority or other governmental entity. This does not essentially refer to taxes paid through escrow account. Such expenses are corporate advances that are used to cover such charges when account is in default or property facing tax sale, or a foreclosure. These are expenses that businesses or individuals are required to pay by law.
Legal Definition list
Related Legal Terms
- Additional Living Expense Insurance
- Administration Expenses [Probate]
- Administrative Expense Claim
- Allocated Loss Expense
- Allowable Medical Expenses
- Annual Statutory Financial Statement [Agriculture]
- Architectural and Transportation Barrier Removal Expenses [Internal Revenue]
- Bad Debt Expense
- Business Expense
- Business Income and Extra Expense Insurance
