assume

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assume

v. to take over the liability for a debt on a promissory note, which is often done by the buyer of real property which has a secured debt upon it. Example: Bob Buyer pays part of the price of a piece of real property by taking over the debt that Sally Seller had on the property. However, usually the original owner to whom Sally owes the debt must agree to the assumption. (See: assumption)

assume

(Seize), verb accroach, adeem, adopt, adsumere, annex, appropriate, arrogate, commandeer, confiscate, dispossess, distrain, expropriate, help oneself to, make free with, occupare, possess oneself of, rem sibi adrogare, take as one's own, usurp

assume

(Simulate), verb act as, counterfeit, dissemble, dissimulate, don, feign, impersonate, make believe, outtardly seem, pass for, personate, play the part, pose as, pretend to be, profess, put on deceitfully, represent as, take the part of, take the semblance of

assume

(Suppose), verb be inclined to think, be of the opinion, conclude, conjecture, consider, deduce, deem true, divine, draw the inference, find probable, gather, have an idea that, hold the opinion, infer, predicate, premise, presuppose, suspect, take for granted, take without proof, theorize, think credible, think likely, think probable

assume

(Undertake), verb accept, accept an obligation, attempt, attend to, be willing to bear, become responsible for, begin, broach, commit oneself, contract, contract for, embark upon, engage, enter upon, incur a duty, manage, proceed to, pursue, set about, shoulder, suscipere, take care of, take charge, take on oneself, take up, venture upon
Associated concepts: assume a debt, assume a lease, assume a mortgage, assume responsibility, assumed name, assumed risk
See also: accede, accept, accroach, acquire, adopt, annex, anticipate, appropriate, arrogate, collect, condemn, confiscate, conjecture, copy, deduce, deduct, deem, embrace, endeavor, expect, forejudge, gain, generalize, guess, impropriate, incur, occupy, opine, posit, postulate, preconceive, preempt, presume, presuppose, pretend, receive, secure, seize, speculate, succeed, surmise, suspect, takeover, think, trust, undertake, usurp
References in periodicals archive ?
(128) QRM equating to QM is a major overhaul of the original QRM definition because it excludes any down payment requirement, LTV ratio requirement, standards related to a borrower's credit history, any written appraisal requirement, any assumability requirement, and any servicing standards that were key features of the original QRM definition.
Home to Own also was innovative in its private subordinate financing, loan assumability and secondary market participation.
The absurdity of this result was persuasively argued at the hearings concerning the 1978 redrafting of the Code(62) and section 365 was amended to provide an exception for lenders to the general rule of assumability.(63)
Even such standard loan features as prepayment protection, assumability and recourse could become the subject of a misrepresentation claim to the extent underlying provisions are nonstandard.