Also found in: Dictionary, Thesaurus, Medical, Financial, Idioms, Encyclopedia, Wikipedia.
Related to Assumption: Assumption of Mary


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.

West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.


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

Copyright © 1981-2005 by Gerald N. Hill and Kathleen T. Hill. All Right reserved.
References in periodicals archive ?
The classroom is sacred ground." In facing the challenges, Pinky exhorted Assumption girls, "Dwell in the possible, not in the absolute uncertainty.
The affair was held at Dusit D2 Hotel in Davao City on April 27, 2019 attended by the officers of Catanihan Foundation and donors for the feeding program of the Assumption Alumnae Association.
Near-term hard coking coal price assumptions reflect supply constraints, which Fitch believes will be alleviated by additional supply from Australia and Mozambique.
'The book shows how France first gained its foothold in the Philippines through the Assumption Order-not the French ministry nor Alliance Francaise,' comments journalist Amando Doronila.
For example, your assumptions may be organized on worksheet 1, your revenue calculations on worksheet 2, your expense calculations on worksheet 3, your income statement on worksheet 4, your balance sheet on worksheet 5, etc.
Instructional designers do not like to talk about assumptions--about what they "take for granted." However, in the privacy of the design studio, all who plan instruction make assumptions and take things for granted.
The study projected that the number of Omani population in the working age (15 till 64 years) will reach 64% according to the high fertility assumption; which increases to 69% in the low fertility assumption.
The hire reunites Harding and Smith, who was an associate director of athletics at Stonehill before coming to Assumption three years ago.
I have heard in the past, "why change, it works." This assumption is depicted in a potential statement that "good teaching is common sense." This assumption is reflected in the actions of certain faculty who would avoid professional development on teaching methodology, blame the students more often for being not ready to learn, or think and say that teaching is easy.
the assumption of risk defense is generally not available in boat racing
While the slope of the underlying mortality assumption is a key dynamic for understanding the impact of the mortality improvement assumption, the process for setting the baseline assumption is beyond the scope of this article.
How does holding onto assumptions prevent employees from being innovative?