universal successor
- 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
- 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.
- 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.
- 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