universal successor

Definition of "universal successor"
  1. A party, like an heir or a legatee with universal title, who not only inherits the rights of the person who formerly held the title, but also assumes the responsibilities and debts of their predecessor
How to use "universal successor" in a sentence
  1. After his uncle's death, John became a universal successor, inheriting not just the family estate but also taking responsibility for his uncle's existing debts.
  2. As a universal successor, the daughter was entitled to inherit her mother's property, but she also had to deal with any outstanding obligations her mother left behind.
  3. Incase of a business acquisition, the acquiring company typically acts as a universal successor, taking over liabilities as well as assets of the acquired company.

Provide Feedback
Browse Our Legal Dictionary
# A B C D E F G H I J K L M N O P Q R S T U V W X Y Z