assumption

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Assumption

The undertaking of the repayment of a debt or the performance of an obligation owed by another.

When a purchaser of real property assumes the mortgage of the seller, he or she agrees to adopt the mortgage debt, becoming personally liable for its full repayment in case of default. If a foreclosure sale of the mortgaged property does not satisfy the debt, the purchaser remains financially responsible for the outstanding balance.

In contrast, a purchaser who takes subject to the seller's mortgage agrees to repay the mortgage debt, but that person's liability is limited only to the amount that the mortgaged property is sold for in the case of foreclosure. If the property is sold for less than the mortgage debt, the mortgagee must seek the remaining balance due from the seller, the original mortgagor.

assumption

n. the act of taking over a debt as part of payment for property which secures that debt. (See: assume)

assumption

(Adoption), noun acceptance, receiving, reception, recipience, selection, taking on, undertaking
Associated concepts: assumpsit on quantum meruit, assumption agreement, assumption of debt, assumption of facts, assumption of indebtedness, assumption of jurisdiccion, assumption of liability, assumption of mortgage, assumption of obligation, assumption of risk

assumption

(Seizure), noun annexation, arrogation, dispossession, encroachment, exaction, expropriation, impropriation, infringement, usurpation

assumption

(Supposition), noun basis, belief, foundation, ground, hypothesis, hypothesization, notion, opinion, personal judgment, postulate, premise, presumption, presupposition, sumptio, supposal, surmise, theory, thinking, view
See also: acceptance, acquisition, adoption, adverse possession, appropriation, arrogation, basis, belief, concept, conclusion, condemnation, conjecture, conviction, deduction, distress, estimate, estimation, generalization, ground, hypothesis, idea, inference, opinion, persuasion, postulate, preconception, presumption, prolepsis, proposition, receipt, speculation, supposition, taking, theory
References in periodicals archive ?
It traces the origins and growth of the Assumption the past 200 years: from the opening of Assumption's first boarding school in 1842 with eight students in the 5th arrondissement of Paris, to its spread to 35 countries.
Thus, a paradigm shift is needed in the interpretation of teaching and learning discourse because the set of assumptions a faculty member starts with must be revised anew rather than trying to reconcile the original assumptions with more effective practices.
However, we must understand not only the explicit assumptions the commander and staff make during operational design, but also the implicit assumptions inherent in a less structured decision that are often unstated and perhaps not even recognized.
Assumptions are often based on some piece of data or experience.
In this situation, induce the person to reality-test their limiting assumptions with questions like:
Rating agencies: The rating agencies do not review all assumptions; each rating agency has its own threshold requirements for review of an assumption.
Ron Gastelum, executive vice president of the chamber, said he hopes the income assumptions that pension system administrators have made are correct because the funds already are taking a growing amount of taxpayer money.
The lattice model has a key advantage over its Black-Scholes-Merton counterpart; it offers CPAs several ways to incorporate assumptions about the projected early exercise of options.
A practitioner giving a limited scope opinion may make reasonable assumptions about a favorable outcome of a Federal tax issue and must identify such issues in a separate section of the written advice.
Using Boo's data, we generated the output and examined the assumptions using SPSS and an overhead projection while the rest of the class watched and asked questions when needed.
Fair values recorded in IFRS financial statements require an entity to make certain choices and assumptions, The key issues are:
A statistical analysis of the data from a key comparison and interpretation of its outputs requires assumptions and models about the relationship between the data [[x.