Source : Webster's Revised Unabridged Dictionary (1913)

Statute \Stat"ute\, n. [F. statut, LL. statutum, from L.
   statutus, p. p. of statuere to set, station, ordain, fr.
   status position, station, fr. stare, statum, to stand. See
   {Stand}, and cf. {Constitute}, {Destitute}.]
   1. An act of the legislature of a state or country,
      declaring, commanding, or prohibiting something; a
      positive law; the written will of the legislature
      expressed with all the requisite forms of legislation; --
      used in distinction fraom {common law}. See {Common law},
      under {Common}, a. --Bouvier.

   Note: Statute is commonly applied to the acts of a
         legislative body consisting of representatives. In
         monarchies, legislature laws of the sovereign are
         called edicts, decrees, ordinances, rescripts, etc. In
         works on international law and in the Roman law, the
         term is used as embracing all laws imposed by competent
         authority. Statutes in this sense are divided into
         statutes real, statutes personal, and statutes mixed;
         statutes real applying to immovables; statutes personal
         to movables; and statutes mixed to both classes of
         property.

   2. An act of a corporation or of its founder, intended as a
      permanent rule or law; as, the statutes of a university.

   3. An assemblage of farming servants (held possibly by
      statute) for the purpose of being hired; -- called also
      {statute fair}. [Eng.] Cf. 3d {Mop}, 2. --Halliwell.

   {Statute book}, a record of laws or legislative acts.
      --Blackstone.

   {Statute cap}, a kind of woolen cap; -- so called because
      enjoined to be worn by a statute, dated in 1571, in behalf
      of the trade of cappers. [Obs.] --Halliwell.

   {Statute fair}. See {Statute}, n., 3, above.

   {Statute labor}, a definite amount of labor required for the
      public service in making roads, bridges, etc., as in
      certain English colonies.

   {Statute merchant} (Eng. Law), a bond of record pursuant to
      the stat. 13 Edw. I., acknowledged in form prescribed, on
      which, if not paid at the day, an execution might be
      awarded against the body, lands, and goods of the debtor,
      and the obligee might hold the lands until out of the
      rents and profits of them the debt was satisfied; --
      called also a {pocket judgment}. It is now fallen into
      disuse. --Tomlins. --Bouvier.

   {Statute mile}. See under {Mile}.

   {Statute of limitations} (Law), a statute assigned a certain
      time, after which rights can not be enforced by action.

   {Statute staple}, a bond of record acknowledged before the
      mayor of the staple, by virtue of which the creditor may,
      on nonpayment, forthwith have execution against the body,
      lands, and goods of the debtor, as in the statute
      merchant. It is now disused. --Blackstone.

   Syn: Act; regulation; edict; decree. See {Law}.

Source : WordNet®

statute of limitations
     n : a statute prescribing the time period during which legal
         action can be taken