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The Letter of Marque can only be passed to a decendant of the previous Captain and is only good for fifty days without them engaging in legal piracy.
One would assume the rules are designed so they would eventually get rid of all the privateers from that Star System while still respecting the System's Rights within the Galactic Empire. So if your Captain dies without an heir or an heir can't hold the position, the Letter of Marque becomes void and the ship and crew either are forced to do something else that is legal, join the military (I guess that is an option), or become real pirates...the illegal kind, and be hunted down by the Empire.
Though I wonder what they would do if Marika had declined the offer, or she took too long? One assumes based on the urgency that the Letter of Marque cannot be held in Trust until the heir wishes to use it. (Thus the pirate ship and crew would need to stand down until they get a captain to make them legal).
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