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LSDefine

Simple English definitions for legal terms

statutory successor

Read a random definition: Uniform Parentage Act

A quick definition of statutory successor:

A statutory successor is someone who takes over the rights, responsibilities, or position of another person or entity. This can happen when a corporation merges with or takes over another corporation, or when someone inherits property or assets from a deceased person. A universal successor takes over everything that belonged to the previous owner, while a particular successor only takes over specific things.

A more thorough explanation:

A statutory successor is a person or entity that succeeds to the assets, rights, and responsibilities of another person or entity according to the law. This can happen in various situations, such as:

  • When a corporation is dissolved, its assets and liabilities are transferred to a statutory successor according to the state's corporation law.
  • When a property owner dies without a will, their heirs become statutory successors and inherit their property.
  • When a company merges with or acquires another company, the resulting entity becomes a statutory successor and assumes the rights and obligations of the merged or acquired company.

For example, if a corporation is dissolved, its assets and liabilities are transferred to a statutory successor according to the state's corporation law. This means that the successor becomes responsible for paying off the corporation's debts and distributing its remaining assets to the shareholders.

statutory right of redemption | statutory tenant

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THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
omg im on a plane weeeee
the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
AHHAHAHAHAHAHHAHAHAHAHAHAH
@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
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