Assume

Business, Legal & Accounting Glossary

Definition: Assume



What is the dictionary definition of Assume?

Dictionary Definition


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.


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Page URL
https://payrollheaven.com/define/assume/
Modern Language Association (MLA):
Assume. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. November 25, 2020 https://payrollheaven.com/define/assume/.
Chicago Manual of Style (CMS):
Assume. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. https://payrollheaven.com/define/assume/ (accessed: November 25, 2020).
American Psychological Association (APA):
Assume. PayrollHeaven.com. Retrieved November 25, 2020, from PayrollHeaven.com website: https://payrollheaven.com/define/assume/

Definition Sources


Definitions for Assume are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 26th April, 2020 | 2 Views.