{"id":9030,"date":"2018-02-27T04:09:35","date_gmt":"2018-02-27T04:09:35","guid":{"rendered":"http:\/\/www.realestatewords.com\/?page_id=9030"},"modified":"2020-03-24T21:13:34","modified_gmt":"2020-03-24T21:13:34","slug":"statutory-year","status":"publish","type":"page","link":"https:\/\/www.realestatewords.com\/statutory-year\/","title":{"rendered":"Statutory Year"},"content":{"rendered":"<h2>Statutory Year Definition<\/h2>\n<p>A <strong>statutory year<\/strong> is a period of time that consists of 12 months composed of 30 days each and totalling 360 days.<\/p>\n<h2>Explanation<\/h2>\n<p>A statutory year is sometimes known as a \u201cbanker\u2019s year\u201d, and it is not a calendar year of 365 days, or a leap year of 366 days.<\/p>\n<p>It is usually used in the calculations of prorations for <a href=\"https:\/\/www.realestatewords.com\/per-diem-interest\/\">per diem interest<\/a>, property taxes, utility bills, etc, in the transfer of ownership of real estate.<\/p>\n<p>&nbsp;<\/p>\n<div class=\"shortcode_tabs horiz_tabs\"><div class=\"scT\"><ul class=\"scT-tab clearfix\"><li class='tS' style='width:100%;'><a>Expert Contributor<\/a><\/li><\/ul><div class='scTC scTC999' style='display:block;'><p>\n<p><strong style=\"font-size: 15pt;\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft wp-image-10445 \" src=\"https:\/\/www.realestatewords.com\/wp-content\/uploads\/2019\/11\/jim-eyre-e1573257089479-259x300.jpg\" alt=\"\" width=\"150\" height=\"173\" srcset=\"https:\/\/www.realestatewords.com\/wp-content\/uploads\/2019\/11\/jim-eyre-e1573257089479-259x300.jpg 259w, https:\/\/www.realestatewords.com\/wp-content\/uploads\/2019\/11\/jim-eyre-e1573257089479.jpg 281w\" sizes=\"(max-width: 150px) 100vw, 150px\" \/>Jim Eyre<\/strong><\/p>\n<p><em>LOAN OFFICER<\/em><\/p>\n<p>Expert contributor at RealEstateWords.com<\/p>\n<p>&nbsp;<\/p>\n<p><strong><a href=\"https:\/\/www.realestatewords.com\/contributors\/jim-eyre\/\" target=\"_blank\" rel=\"noopener noreferrer\">View profile<\/a><\/strong><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<\/p><\/div><\/div><\/div>\n<p style=\"text-align: center;\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-10688 aligncenter\" src=\"https:\/\/www.realestatewords.com\/wp-content\/uploads\/2020\/03\/Real-Estate-Words-Contributor.png\" alt=\"Real Estate Words Contributor badge\" width=\"200\" height=\"168\" \/><\/p>\n<p style=\"text-align: center;\">Interested in becoming a contributor? Apply for our <a href=\"https:\/\/www.realestatewords.com\/contributor-program\/\">Expert Contributor Program<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Statutory Year Definition A statutory year is a period of time that consists of 12 months composed of 30 days each and totalling 360 days. Explanation A statutory year is sometimes known as a \u201cbanker\u2019s year\u201d, and it is not a calendar year of 365 days, or a leap year of 366 days. It is [&hellip;]<\/p>\n","protected":false},"author":12,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"_links":{"self":[{"href":"https:\/\/www.realestatewords.com\/wp-json\/wp\/v2\/pages\/9030"}],"collection":[{"href":"https:\/\/www.realestatewords.com\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.realestatewords.com\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.realestatewords.com\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/www.realestatewords.com\/wp-json\/wp\/v2\/comments?post=9030"}],"version-history":[{"count":0,"href":"https:\/\/www.realestatewords.com\/wp-json\/wp\/v2\/pages\/9030\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.realestatewords.com\/wp-json\/wp\/v2\/media?parent=9030"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}