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Successor company. A successor company takes the business (products and services) of a previous company or companies, with the goal to maintain the continuity of the business. To this end, the employees, board of directors, location, equipment, and even product name may remain the same or change only slightly at the moment of succession. [1]
Legal successor (organization) A legal successor of an organization is a successor entity legally declared and recognized as such in all or some respects. Laws governing legal succession may be different for legal successors of business and non-profits, as well as in historical sense.
Successor liability is a subset of the law governing corporate liability or liability of legal persons. A legal person is any person that can do the things a human person is able to do in law – such as enter into contracts, sue and be sued, own property, and so on. [ 1][ 2][ 3] Depending on the jurisdiction, entities such as corporations ...
Succession of states is a concept in international relations regarding a successor state that has become a sovereign state over a territory (and populace) that was previously under the sovereignty of another state. The theory has its roots in 19th-century diplomacy. [1] A successor state often acquires a new international legal personality ...
Property law is the area of law that governs the various forms of ownership in real property (land) and personal property. Property refers to legally protected claims to resources, such as land and personal property, including intellectual property. [1] Property can be exchanged through contract law, and if property is violated, one could sue ...
Legal successor (business), a successor company legally recognized as such. Legal successor (organization), a successor organization legally declared or recognized as such. Legal successor (property), a legal inheritor of a property or property rights. A state that inherited territory and population of another, see succession of states.
In hereditary monarchies the order of succession determines who becomes the new monarch when the incumbent sovereign dies or otherwise vacates the throne. Such orders of succession, derived from rules established by law or tradition, usually specify an order of seniority, which is applied to indicate which relative of the previous monarch, or other person, has the strongest claim to assume the ...
In company law, perpetual succession is the continuation of a corporation 's or other organization's existence despite the death, bankruptcy, insanity, change in membership or an exit from the business of any owner or member, or any transfer of stock, etc. [1] Perpetual succession, along with the common seal, is one of the factors explaining a ...