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What Is a Successor in Legal Terms

A successor is a natural or legal person who assumes and continues the role or function of another person. For example, in trust law, many dealers and their respective spouses act as the first trustees of a revocable living trust. In this situation, they remain in control until they are unable or die. Subsequently, pre-selected successor trustees are appointed under the conditions of the declaration of confidence. Typically, a spouse, family member, or trusted friend is chosen as the estate trustee. A second successor is a person designated to assume responsibility for the first successor in the event of the death or disability of the first successor. “The term successor is appropriate and appropriate to designate a person to whom the property descends.” [A] Successor. is the one who succeeds or follows; one who occupies the place that another has left and retains the same part or character; the one who takes the place of another by succession. 1 In inheritance law, the traditional rule of company law does not impose the responsibilities of the selling predecessor on the successor company acquiring the seller, unless a company succession is a company which assumes the expenses of an old company through a merger, acquisition or other inheritance arrangements. Inheritance liability is an important issue in areas such as product liability, environmental concerns and labour law. Estate liability is a state legal doctrine that allows a creditor to demand recovery from the buyer of assets, even if the buyer has not expressly assumed these responsibilities in connection with the purchase. This situation occurs, for example, in the case of non-bankruptcy sales such as mass transfers, receivership, and article 9 execution/UCC sales. In the context of a claim that a defective product has caused bodily injury, estate liability is treated as a matter of tort law rather than contract law.

For example, environmental remediation processes often address inheritance liability issues. The one who succeeds (succeeds) another in office, by appointment or election. “When applied to corporations, it generally does not refer to an assignee, but includes corporations that are invested with the rights and assume the burden of another corporation by merger, consolidation or duly approved succession.” In Reuben H. Donnelley Corporation v. McKinnon, the Texas Court of Appeals ruled :. . .