Legal Definitions - successor in interest

A successor in interest is a person or entity that takes over ownership or control of a property or asset from another person or entity. The successor in interest retains the same rights as the original owner, with no change in substance.

• When a person dies, their property may pass to their heirs as successors in interest.
• If a business is sold, the new owner becomes the successor in interest and assumes all the rights and responsibilities of the previous owner.
• If a landlord sells a rental property, the new owner becomes the successor in interest and takes over the leases and rental agreements with the tenants.

These examples illustrate how a successor in interest can take over ownership or control of a property or asset and assume the same rights and responsibilities as the previous owner. This can happen through inheritance, sale, or other legal means.