What is ASSUMPTION? Definition of ASSUMPTION in Black's Law Dictionary
The act of conceding or taking for granted. Gordon v. Schellhorn, 95 N.J.Eq. 563, 123 A. 549, 552.
The term is substantially synonymous with "inference," "probability," and "presumption." Ohio Bldg. Safety Vault Co. v. Industrial Board of Illinois, 277 Ill. 96, 115 N.E. 149, 154.
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. Lenz v. Railroad Co., 111 Wis. 198, 86 N.W. 607; Bell Telephone Co. of Pennsylvania v. Public Service Commission of Pennsylvania, 119 Pa.Super. 292, 181 A. 73, 75.
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. Hancock v. Fleming, 103 Ind. 533, 3 N.E. 254. When he takes the conveyance subject to the mortgage, he is bound only to the extent of the property. Brichetto v. Raney, 76 Cal.App. 232, 245 P. 235, 241. 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. Cincinnati, etc., R. Co. v. Indiana, etc., R. Co., 44 Ohio St. 287, 314, 7 N.E. 152.
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That's the definition of ASSUMPTION in Black's Law Dictionary - Courtesy of Cekhukum.com.
