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MIAMI A
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Simple English definitions for legal terms
singular successor
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A quick definition of singular successor:
A successor is someone who takes over the position, rights, or responsibilities of another person or entity. There are different types of successors, such as a singular successor who takes over the rights of a former owner in a single piece of property, or a universal successor who inherits all the rights and powers of a deceased person's estate. A statutory successor is someone who takes over the assets of a corporation upon its dissolution, according to the laws of the state where it was incorporated.
A more thorough explanation:
A singular successor is a person who succeeds to the rights of a former owner in a single piece of property. This is different from a universal successor, who succeeds to all the rights and powers of a former owner, or a particular successor, who succeeds to rights and obligations that pertain only to the property conveyed.
- John inherits his grandfather's house. He is the singular successor to the property, meaning he has inherited all the rights and responsibilities that come with owning the house.
- When a corporation is dissolved, its assets are passed on to a statutory successor. This person is responsible for managing and distributing the assets according to the laws of the state where the corporation was incorporated.
These examples illustrate how a singular successor is someone who inherits the rights and responsibilities of a specific piece of property or asset. This can happen through inheritance, dissolution of a corporation, or other legal means.