What is the full form of EORS?
- on Jun 30, 2022
EORS stands for Either or Survivor.
|Full Form||Either or Survivor|
|Category||Business » Banking|
What is EORS?
Either or Survivor (EORS) is a term used to describe the process of transferring ownership of an asset from one party to another. It is also known as a sale and assignment of assets, or a property transfer.
The concept of EORS is simple. When two or more parties are involved in a transaction, each party is called an “either” party. The “either” party can be the buyer, seller, lender, debtor, creditor or trustee. The “either” party is always the last party to be dealt with in the transaction.
The “survivor” party is always the first party to be dealt with in the transaction. The “survivor” party acquires the ownership rights and responsibilities of the original “either” party in the transaction. This means that the “survivor” party becomes responsible for all of the obligations and liabilities of the original “either” party in the transaction.