Legal Definitions - statutory successor

A statutory successor is a person or entity that succeeds to the assets, rights, and responsibilities of another person or entity according to the law. This can happen in various situations, such as:

• When a corporation is dissolved, its assets and liabilities are transferred to a statutory successor according to the state's corporation law.
• When a property owner dies without a will, their heirs become statutory successors and inherit their property.
• When a company merges with or acquires another company, the resulting entity becomes a statutory successor and assumes the rights and obligations of the merged or acquired company.

For example, if a corporation is dissolved, its assets and liabilities are transferred to a statutory successor according to the state's corporation law. This means that the successor becomes responsible for paying off the corporation's debts and distributing its remaining assets to the shareholders.