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Simple English definitions for legal terms
successor in interest
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A quick definition of successor in interest:
Successor in interest: A person who takes over ownership or control of something from someone else. When this happens, the new owner has the same rights as the old owner and nothing changes.
A more thorough explanation:
A successor in interest is a person or entity that takes over ownership or control of a property or asset from another person or entity. The successor in interest retains the same rights as the original owner, with no change in substance.
- When a person dies, their property may pass to their heirs as successors in interest.
- If a business is sold, the new owner becomes the successor in interest and assumes all the rights and responsibilities of the previous owner.
- If a landlord sells a rental property, the new owner becomes the successor in interest and takes over the leases and rental agreements with the tenants.
These examples illustrate how a successor in interest can take over ownership or control of a property or asset and assume the same rights and responsibilities as the previous owner. This can happen through inheritance, sale, or other legal means.
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