15:49
obviously cornell is t3
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LSDefine
Simple English definitions for legal terms
successor
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A quick definition of successor:
A successor is someone who takes over the job, rights, or responsibilities of another person. This can happen when someone retires, resigns, or passes away. For example, when a teacher retires, a new teacher becomes their successor and takes over their classroom. A successor can also refer to a company that takes over the assets and duties of another company. There are different types of successors, such as a particular successor who takes over a specific piece of property, or a universal successor who takes over all the rights and charges of a deceased person's estate.
A more thorough explanation:
A successor is a person or entity that takes over the position, rights, responsibilities, or place of another. This can happen in various situations, such as:
- When a new president is elected, they become the successor of the previous president.
- When a company merges with another company, the resulting corporation becomes the successor of the original companies.
- When a person inherits property, they become the successor of the previous owner.
There are different types of successors, including:
- Particular successor: One who succeeds to rights and obligations that pertain only to the property conveyed.
- Singular successor: One who succeeds to a former owner's rights in a single piece of property.
- Statutory successor: One who succeeds to the assets of a corporation upon its dissolution according to the statute of the state of incorporation applicable at the time of the dissolution.
- Universal successor: One who succeeds to all the rights and powers of a former owner, as with an intestate estate or an estate in bankruptcy.
For example, if a person inherits a house from their deceased parent, they become the particular successor of that property. If a company goes bankrupt and its assets are distributed to its shareholders, the shareholders become the statutory successors of the company's assets. If a person is appointed as the executor of an estate, they become the universal successor of the deceased person's assets and liabilities.