assumption


Also found in: Dictionary, Thesaurus, Medical, Financial, Idioms, Encyclopedia, Wikipedia.
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 classic literature ?
The ancestor had clothed himself in a grim assumption of kindliness, a rough heartiness of word and manner, which most people took to be the genuine warmth of nature, making its way through the thick and inflexible hide of a manly character.
But," I said, "surely you are not quite correct, for you start on the assumption that all the poor people, or their spirits, will have to take their tombstones with them on the Day of Judgment.
When I had started with the Time Machine, I had started with the absurd assumption that the men of the Future would certainly be infinitely ahead of ourselves in all their appliances.
Of course a great deal of that, too, was superficial and an assumption of cynicism; of course there were glimpses of youth and freshness even in their depravity; but even that freshness was not attractive, and showed itself in a certain rakishness.
Years passed, all alike and marked by no other events than the return of the great church holidays: Easter, Assumption, All Saints' Day.
Fortunately for them, their assumption of authority in these art-matters came to entire grief.
I had to endure from him neither cold neglect, irritating interference, nor pretentious assumption of superiority.
she asked with a pretty assumption of meek docility.
Raoul, who had begun his address with an assumption of self-possession, finished it by allowing a manifest emotion to escape him at every word.
That power, however, was limited and specific, and did not extend to an operation of this nature and extent; no objection, however, was made to his assumption, and he and M'Tavish soon made a preliminary arrangement, perfectly satisfactory to the latter.
His attitude was simply the flower of his general good-nature, and a part of his instinctive and genuinely democratic assumption of every one's right to lead an easy life.
That confounded Allegre, with his impudent assumption of princely airs, must have (I shouldn't wonder) made the fact of his notice appear as a sort of favour dropped from Olympus.