A statutory year is a period of time that consists of 12 months composed of 30 days each and totalling 360 days.
A statutory year is sometimes known as a “banker’s year”, and it is not a calendar year of 365 days, or a leap year of 366 days.
It is usually used in the calculations of prorations for per diem interest, property taxes, utility bills, etc, in the transfer of ownership of real estate.
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