Cessionary definitions
| Word backwards | yranoissec |
|---|---|
| Part of speech | The part of speech of the word "cessionary" is an adjective. |
| Syllabic division | ces-sion-ar-y |
| Plural | The plural form of the word "cessionary" is "cessionaries". |
| Total letters | 10 |
| Vogais (4) | e,i,o,a |
| Consonants (5) | c,s,n,r,y |
When a person or entity transfers their rights, benefits, or obligations to another party, this transaction is known as a cession. The party receiving these rights, benefits, or obligations is referred to as the cessionary.
Definition of Cessionary
A cessionary is essentially the recipient of the ceded rights, benefits, or obligations in a cession agreement. This individual or entity steps into the shoes of the original holder of these rights and assumes responsibility for fulfilling any obligations associated with them.
Role of a Cessionary
The role of a cessionary varies depending on the type of cession agreement in place. In some cases, the cessionary may simply receive the benefits of the ceded rights without having to take on any additional responsibilities. In other situations, the cessionary may be required to fulfill certain obligations outlined in the agreement.
Legal Implications
From a legal perspective, the cessionary is bound by the terms and conditions of the cession agreement. This means that they must comply with any requirements set forth in the agreement and may be held liable for any breaches of contract. It is important for cessionaries to thoroughly review the terms of the agreement and understand their rights and obligations before accepting the cession.
In conclusion, a cessionary is a crucial party in a cession agreement, as they are the ones receiving the transferred rights, benefits, or obligations. Understanding the role and responsibilities of a cessionary is essential for ensuring a smooth and successful cession process.
Cessionary Examples
- The cessionary of the financial agreement will inherit all rights and responsibilities.
- The cessionary party must agree to the terms of the contract before proceeding.
- As the cessionary of the property, he now has full ownership rights.
- The cessionary of the loan will be responsible for making payments on time.
- She appointed her sister as the cessionary of her estate in case of her passing.
- The cessionary of the copyright will have exclusive rights to reproduce the work.
- The cessionary of the insurance policy is entitled to receive the benefits.
- The cessionary of the debt will need to work out a repayment plan with the creditor.
- It is important for the cessionary to fully understand the terms of the agreement.
- The company named a new cessionary to take over the distribution rights.