Succession, in legal terms, means succeeding to the rights of another. The word commonly refers to the distribution of property under a state's intestate succession laws, which determine who inherits the property when someone dies without a...
property law
successor trustee
Successor Trustee is the person or institution who takes over the management of a living trust property when the original trustee has died or become incapacitated. The exact responsibilities of a successor trustee will vary depending on the...
Supplemental Register
Supplemental Register is the secondary register of trademarks maintained by the United States Patent and Trademark Office (USPTO). The Supplemental Register provides limited trademark rights and benefits and consists of marks that do not...
surviving spouse's trust
Surviving spouse’s trust refers to the trust controlled by the living spouse in an AB trust scheme. In an AB trust, a couple plans to split their assets into two trusts to limit the estate taxes incurred by their property before being given...
survivor
Someone who lives after the occurrence of an event that entitles them to seek a distribution of property or income (e.g., a surviving spouse).
survivorship
See: Right of survivorship
[Last updated in October of 2021 by the Wex Definitions Team]
sweat equity
Sweat equity is an ownership interest that a person gains from contributing labor instead of capital. The term is often used in the context of partners who have equity in a partnership earned not from a capital contribution, but rather from...
take
Take means to gain or obtain possession. Some common uses of the term “take” in a legal sense include:
In the context of property, it means getting the title to real property. In the context of criminal law, stealing is an unlawful...taking
Overview
The power of the government through the use of eminent domain, to take private property and convert it into public use, is referred to as a taking. The Fifth Amendment provides that the government may only exercise this power if...
takings
Overview
A taking is when the government seizes private property for public use.
A taking can come in two forms. The taking may be physical, which means that the government literally takes the property from its owner). Or the taking may be...