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- The term successor in interest means a successor to another's interest in property, especially a successor in ownership of a business that is carried on and controlled substantially as it was before the transfer.
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The meaning of SUCCESSOR IN INTEREST is a successor to another's interest in property; especially : a successor in ownership of a business that is carried on and controlled substantially as it was before the transfer.
Berks County Trust Company. Wyomissing Valley Bank, Temple State Bank, Mount Penn Trust Company, Reamstown Exchange Bank, Schuylkill Trust Company. Berks County Trust Company (1964 as American Bank and Trust Co or American Bankcorp) Wells Fargo. 1964. National Bank of Commerce. Texas National Bank.
Year Merger ClosedAcquirerAcquired Bank2022202120192017A successor in interest is an individual who assumes the rights and responsibilities of a borrower on a mortgage loan. This typically occurs when the original borrower transfers ownership of the property to someone else, either through sale, inheritance, or other legal means.
In property law, economics and finance, the term "legal successor" may refer to a legally established successor of property rights (inheritance, interest) or in terms of liabilities . In the case of bankruptcy of a lender , the legal successor in interest has the right to collect the debt.
Successor in interest means a person to whom an ownership interest in a property securing a mortgage loan subject to this subpart is transferred from a borrower, provided that the transfer is: (1) A transfer by devise, descent, or operation of law on the death of a joint tenant or tenant by the entirety;
Jun 14, 2018 · Regulation X specifies that a Successor in Interest is a person who obtains an ownership interest in a property securing a mortgage loan by means of one of the following transfers: By devise, descent or operation of law on the death of a joint tenant or tenant by the entirety; To a relative resulting from the death of a borrower;
So just what is a “Successor in Interest”? | Casetext. By Steve PalazzoloWarner Norcross & Judd LLP. Aug 28, 2017. Last time we talked about joint employers and you will remember that this occurs when two separate and distinct employers can be considered a single employer for purposes of the FMLA.
