assumption


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Related to assumption: Assumption of Mary

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 has essays of Assumption student life, including the recreation pastimes of bataille and warball; festive, fun occasions such as the yearly kermesse, Mission Day Fairs with its Assumption tarts, proms; as well as dreaded events such as the annual vaccinations and the quarterly Lecture of Notes.
Thus, realizing this assumption, that each individual faculty member is a person who has intellectual, emotional, and spiritual aspects, helps me stay focused on their needs as adult learners.
Said Ladebauche, a former star softball player at Assumption and 2000 graduate, "It's hard to picture Assumption College without Merc.
Will the lack of the assumption fundamentally change the decision or the plan?
When employees learn to abandon assumptions, where do they start to see benefits?
In this Coach's Corner we'll focus on the Challenge for Thought component and, specifically, how to help people when they make limiting assumptions that get in their way.
Master servicer: Generally, the master servicer serves as the primary point of contact for assumption requests, responsible for collecting all the due-diligence items, underwriting the assumption transaction (the assumption package) and closing the assumption once it has been approved by all parties as set forth in the PSA.
And Los Angeles City Administrative Officer William Fujioka said city officials met with Alex Rubalcava, president of Rubalcava Capital Management, and found some ``very significant errors in his estimates and assumptions.
Because the lattice model makes it easy to vary assumptions and inputs over time, entities that grant a great many stock options to their employees will prefer its flexibility to the relatively rigid restrictions of the Black-Scholes-Merton model, which is more suitable for companies whose employee compensation includes few stock 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.
The simple linear regression equation relating these two variables was also generated but a check of the assumptions for making inferences would need to be evaluated first.
The two Marian dogmas of the Immaculate Conception and the Assumption, it seems to me, have played a crucial role in strengthening the Church in her resistance.