assumption


assumption
The act of conceding or taking for granted. Laying claim to or taking possession of. The act or agreement of assuming or taking upon one's self. The undertaking or adoption of a debt or obligation primarily resting upon another, as where the purchaser of real estate "assumes" a mortgage resting upon it, in which case he adopts the mortgage debt as his own and becomes personally liable for its payment. The difference between the purchaser of land assuming a mortgage on it and simply buying subject to the mortgage, is that in the former case he makes himself personally liable for the payment of the mortgage debt, while in the latter case he does not. When he takes the conveyance subject to the mortgage, he is bound only to the extent of the property. Where one "assumes" a lease, he takes to himself the obligations, contracts, agreements, and benefits to which the other contracting party was entitled under the terms of the lease.

Black's law dictionary. . 1990.

Synonyms:

Look at other dictionaries:

  • assumption — I (adoption) noun acceptance, acquisition, receiving, reception, recipience, selection, taking on, undertaking associated concepts: assumpsit on quantum meruit, assumption agreement, assumption of debt, assumption of facts, assumption of… …   Law dictionary

  • Assumption — As*sump tion (?; 215), n. [OE. assumpcioun a taking up into heaven, L. assumptio a taking, fr. assumere: cf. F. assomption. See {Assume}.] 1. The act of assuming, or taking to or upon one s self; the act of taking up or adopting. [1913 Webster]… …   The Collaborative International Dictionary of English

  • Assumption — ist: Mariä Aufnahme in den Himmel, Mariä Himmelfahrt, Assumtione Beatä Mariä Virginis, und den Festtag, den 15. August namentlich: Assumption (Illinois), eine Stadt in Illinois Assumption (Ohio), eine Stadt in Ohio Assomption (Seychellen), die… …   Deutsch Wikipedia

  • Assumption — Assumption, IL U.S. city in Illinois Population (2000): 1261 Housing Units (2000): 607 Land area (2000): 0.879889 sq. miles (2.278902 sq. km) Water area (2000): 0.000000 sq. miles (0.000000 sq. km) Total area (2000): 0.879889 sq. miles (2.278902… …   StarDict's U.S. Gazetteer Places

  • Assumption, IL — U.S. city in Illinois Population (2000): 1261 Housing Units (2000): 607 Land area (2000): 0.879889 sq. miles (2.278902 sq. km) Water area (2000): 0.000000 sq. miles (0.000000 sq. km) Total area (2000): 0.879889 sq. miles (2.278902 sq. km) FIPS… …   StarDict's U.S. Gazetteer Places

  • assumption — [n1] taking something for granted; something expected acceptance, accepting, assuming, belief, conjecture, expectation, fancy, guess, hunch, hypothesis, inference, posit, postulate, postulation, premise, presumption, presupposition, shot*, shot… …   New thesaurus

  • Assumption — Assumption, The 1.) in the ↑Roman Catholic religion, the Assumption is when the Virgin Mary (=Jesus mother) went up into heaven, without dying first 2.) the day (15 August) on which this event is celebrated …   Dictionary of contemporary English

  • assumption — c.1300, the reception, uncorrupted, of the Virgin Mary into Heaven, also the Church festival (Aug. 15) commemorating this, Feast of the Assumption, from O.Fr. assumpcion and directly from L. assumptionem (nom. assumptio) a taking, receiving, noun …   Etymology dictionary

  • assumption — ► NOUN 1) a thing that is assumed to be true. 2) the action of assuming responsibility or control. 3) (Assumption) the reception of the Virgin Mary bodily into heaven, according to Roman Catholic doctrine …   English terms dictionary

  • Assumption — (spr. Assommschenn), Kirchspiel im nordamerikanischen Staate Louisiana, 15 QM., Boden fruchtbar (angeschwemmtes Land); Producte: Mais, Zucker Orangen, Rindvieh; Verret See, 21/2 Meilen lang, 3/4 Meile breit; La Fourche Kanal mit Dampfschifffahrt; …   Pierer's Universal-Lexikon

  • Assumption —   [ə sʌmpʃən, englisch], kleine Koralleninsel im Indischen Ozean nördlich von Madagaskar, gehört zur Republik Seychellen …   Universal-Lexikon


Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”

We are using cookies for the best presentation of our site. Continuing to use this site, you agree with this.