Statutory liability

Statutory liability,

Definition of Statutory liability:

  1. A responsibility imposed on an individual or business by a law. For example, the directors of a corporation assume certain statutory liabilities (legal obligations) when they join the board. A statutory liability is different from a contractual liability, which is a responsibility imposed on an individual or business by a contract.

  2. Statutory liability is a legal term meaning that someone can be held responsible for a specific action or omission because of a related law that is not open to interpretation. This is a generic term that can apply to any field, not just finance. Within the world of finance, it may come up about real estate transactions, stockholder obligations, or the behavior of board member.

  3. In New Zealand and Australia, businesses commonly purchase statutory liability insurance to protect themselves from the fines, penalties, and legal fees that can result from an accidental breach of law. These may include occupational health and safety laws, environmental laws, and employment laws.

Meaning of Statutory liability & Statutory liability Definition

Statutory Liability,

What is The Definition of Statutory Liability?

  1. Legal liability arises when a party can be held responsible for certain incidents in accordance with certain laws or provisions of laws. Many individuals and companies take out insurance to cover any situation where they may be liable for certain incidents due to legal liability.

Literal Meanings of Statutory Liability

Statutory:

Meanings of Statutory:
  1. Mandatory, authorized or required by law.

Sentences of Statutory
  1. The court compensates each claimant.

Synonyms of Statutory

admissible, permissible, legitimate, acceptable, allowable

Liability:

Meanings of Liability:
  1. The state of being responsible for something, especially in accordance with the law.

  2. A person or thing whose presence or behavior may embarrass or harm someone.

Sentences of Liability
  1. Lume l of partners. There are innumerable responsibilities that they understand

  2. Became a political loss

Synonyms of Liability

legal responsibility, handicap, accountability, inconvenience, hindrance, answerability, burden, encumbrance, nuisance, responsibility