Simple English definitions for legal terms
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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 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:
There are different types of successors, including:
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.