Cessor refers to a person or entity who transfers, relinquishes, or ceases possession, ownership, or control of a particular asset or property to another party. The term originates from the word "cess," which means to surrender or yield. Cessor can be used in various contexts including legal, financial, and commercial transactions.
In the legal field, cessor is commonly employed in discussions related to contracts, leases, and property rights. For instance, in a lease agreement, the cessor would be the tenant or lessee who gives up their right to occupy or possess the rented property to the new tenant or assignee. In contracts, cessor indicates the party who is transferring their rights, obligations, or liabilities to another party.
Financially, the term may be used in conjunction with the transfer of ownership or control of securities, investments, or business assets. A cessor in this context would be the seller or party who is divesting themselves of the asset, whether it is a share of stock, a bond, or a business entity.
Overall, cessor is a term used to describe the act of surrendering or relinquishing control, ownership, or possession of an asset from one party to another. It is often utilized within legal, financial, or commercial contexts to denote the transfer or termination of rights, obligations, or liabilities.
