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LSDefine

Simple English definitions for legal terms

successor

Read a random definition: gift inter vivos

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

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General

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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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