Legal Definitions - statutory release

Statutory release is a type of conveyance that replaces the compound assurance by lease and release. It was created by the Conveyance by Release Without Lease Act of 1841 (St. 4 & 5 Vict., ch. 21).

For example, if someone wants to transfer ownership of a property to another person, they can use a statutory release instead of a lease and release. This simplifies the process and makes it easier for both parties.

Another example is when a company wants to transfer ownership of a patent to another company. They can use a statutory release to do this instead of a more complicated legal process.

These examples illustrate how statutory release can be used to simplify the process of transferring ownership of property or assets. It is a legal tool that can be used to make transactions easier and more efficient.