Race Statute
/ˈreɪs ˈstætʃuːt/
Definitions
- (n.) A statutory provision that establishes rules governing the priority of competing claims to property, rights, or interests based on the order of occurrence or the timing of actions taken by parties, often in the context of property law or secured transactions.
The race statute dictates that the first party to record their interest has priority over subsequent claimants.
Forms
- race statute
- race statutes
Related terms
See also
Commentary
Race statutes are a type of priority rule emphasizing chronological precedence; drafters should clarify whether the statute operates independently of notice to ensure enforceability.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.