what is a successor
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What is a Successors and Assigns Provision and should it be used? A successor is a third party that either acquired or merged with one of the parties to the agreement. Assigns are third parties that the agreement has been assigned to as may be allowed under the terms of the agreement. Agreement is used by a business and that business is sold to a third party.
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U.S. Presidential line of succession United States Presidential line of succession is the order in which government officials replace the United States President if the president leaves office before an elected successor is inaugurated. If the President dies, resigns, or is removed from office, the Vice President becomes President for the rest of the term. If the Vice President is unable to serve, the next person in the line of succession acts as President. As of 2016, only the Vice President has replaced the President.
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Definitions &Translations Definitions for successorsəkˈsɛs ər. successor, replacement(noun) a person who follows next in order. he was President Lincoln's successor. successor(noun) a thing or person that immediately replaces something or someone.
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Definitions &Translations Successor(noun) one who succeeds or follows; one who takes the place which another has left, and sustains the like part or character; -- correlative to predecessor; as, the successor of a deceased king. Origin: [OE. successour, OF. successur, successor, F. successeur, L. successor.
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Inheritance In law, an heir is a person who is entitled to receive a share of the deceased's (the person who died) property, subject to the rules of inheritance in the jurisdiction where the deceased (decedent) died or owned property at the time of death.
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What Are the Duties of a Successor Trustee for Administrating a Living Trust? A grantor is typically the trustee of a revocable trust. A successor trustee of a revocable trust would only assume the duties of the trustee if the grantor dies or is incapacitated. However, a trustee other than the grantor must be appointed in an irrevocable trust. A successor trustee of an irrevocable trust would only assume the duties of the trustee if the trustee can no longer perform his duties or dies.
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The 'Executor' of a Trust - The Trustee The person who serves as the executor of a living trust is called the successor trustee. Most of us are at least vaguely familiar with the role of executor of an estate. The executor is the person, named in the will, who is in charge of carrying out the wishes of the deceased person.
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Successor Successor was the working name for the class of British ballistic missile submarines, since renamed the Dreadnought-class; Khalifa, a Muslim who is considered a religious successor to the Islamic prophet, Muhammad (Muhammad ibn ʿAbdullāh), and a leader of the entire Muslim community. In mathematics: A successor cardinal; A successor ordinal
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- In mathematics: 1  A successor cardinal. 2  A successor ordinal. 3  The successor function, the primitive defined as S ( n ) = n + 1 {\displaystyle S(n)=n+1}. 4  A successor (graph theory), a node following the current one in a path.
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SUCCESSOR Related Legal Terms & Definitions. PREDECESSOR One who has preceded another. 2. This term is applied in particular to corporators who…. HAERES In Roman law. The heir, or universal successor In the event of death. The heir…. CURATOR (A) See conservator (B) persons, contracts.
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- noun, Physics, Chemistry. 1. a succession of elements initiated in the radioactive decay of a parent, as thorium or uranium, each of which decays into the next until a stable element, usually lead, is produced. Also called decay series.
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- Succession is the sequence in which one person after another succeeds to a title, throne or estate. There is always a replacement, and that is why it is an ongoing process. …. 1  Breaking it Down: Example of a Process Analysis Process analysis involves the study and documentation of a task.
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succession Definition of succession. 1  1a : the order in which or the conditions under which one person after another succeeds to a property, dignity, title, or throneb : the right of a person or line to succeedc : the line having such a right.
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What Are the Duties of a Successor Trustee for Administrating a Living Trust? When the grantor is incapacitated, the successor trustee does not need to distribute any of the trust's assets unless the terms of the trust provides for such actions. When the grantor dies, the successor trustee's duties revolve around executing the trust.
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Succession Succession is a process of ecological change in which a series of natural communities are established and then replaced over time.
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Dependency (project management) Finish-to-start is considered a natural dependency. The Practice Standard for Scheduling recommends, that Typically , each predecessor activity would finish prior to the start of its successor activity (or activities)(known as finish-to-start (FS) relationship).
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Definitions &Translations Princeton's WordNet(3.00 / 2 votes)Rate this definition: 1  heir, inheritor, heritor(noun) a person who is entitled by law or by the terms of a will to inherit the estate of another. 2  successor, heir(noun) a person who inherits some title or office.
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U.S. Presidential line of succession U.S. Presidential line of succession. United States Presidential line of succession is the order in which government officials replace the United States President if the president leaves office before an elected successor is inaugurated. If the President dies, resigns, or is removed from office, the Vice President becomes President for the rest of the term.
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What a Successor Trustee After the Trustmaker Dies When you set up your revocable living trust, you must name a successor trustee -- someone to step in and administer and settle your trust for you after your death. He would also be called upon to serve should you become mentally incapacitated.
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predecessor predecessor - one who precedes you in time (as in holding a position or office) 1  forerunner, precursor - a person who goes before or announces the coming of another. 2  forefather - person from an earlier time who contributed to the tradition shared by some group; our forefathers brought forth a great nation.
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Sequela A sequela (UK /sɨˈkwiːlə/ , US /sɨˈkwɛlə/ ; usually used in the plural, sequelae) is a pathological condition resulting from a disease, injury, therapy, or other trauma. sequela (UK /sɨˈkwiːlə/ , US /sɨˈkwɛlə/ ; usually used in the plural, sequelae) is a pathological condition resulting from a disease, injury, therapy, or other trauma.
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- Trust administration is a necessary process that occurs after the death of either one or both settlors. To protect the successor trustees, there are many things that must be done to ensure proper administration.
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United States trust law In most cases, the acting trustee (and the successor to that trustee in the event the trustee can no longer serve) is named specifically in the trust instrument. A person nominated as a trustee can decline to serve as a trustee or if serving may choose to resign as a trustee upon notice to the trust's beneficiaries.
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harbinger predecessor - something that precedes and indicates the approach of something or someone. harbinger, herald, forerunner, precursor. indicant, indication - something that serves to indicate or suggest; an indication of foul play; indications of strain; symptoms are the prime indicants of disease.
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Understanding Living Trusts 1 In a Revocable Living Trust, the grantor and the trustee are usually the same person.  Successor Trustee: the person who will manage the trust assets when the grantor dies (or becomes incapacitated.) The Successor trustee is in charge of transferring the trust property to your trust beneficiaries.
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Incumbent The incumbent is the current holder of a political office. This term is usually used in reference to elections, in which races can often be defined as being between an incumbent and non-incumbent. For example, in the Hungarian presidential election, 2017, János Áder was the incumbent, because he had been the president in the term before the term for which the election sought to determine the president. A race without an incumbent is referred to as an open seat.