Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

successor

Read a random definition: Anticounterfeiting Consumer Protection Act

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.

successive-writ doctrine | successor agent

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
Dkk
19:42
SEO is big money
2016 pushed the conservative party into populism irreversibly
Dkk
19:43
Maybe, but if this is populism, then every election is populist.
19:43
@Dkk: yeah register 1 website and every swinging tom dick and harry calls/emails/texts to 'help with seo'. like bruh, if YOU found it, what i am doing is working
Dkk
19:43
Indeed!
19:48
wasp, i think people are hopeful for a gov who at least attempts to care about the common man
MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
LSD+ is ad-free, with DMs, discounts, case briefs & more.