Appellee Definition and Legal Meaning
On this page, you'll find the legal definition and meaning of Appellee, written in plain English, along with examples of how it is used.
What is Appellee?
n. an assumption is taking over of debt liability. In real property law, an assumption is the mortgage transfer from the seller to the buyer.
History and Meaning of Assumption
Assumption is a legal term that refers to one party taking over the debt or liability of another party. This can occur in a variety of situations, but it most commonly arises in the context of real estate. In real estate law, assumption refers to the transfer of an existing mortgage from the seller of a property to the buyer. This allows the buyer to take over the mortgage payments and continue where the seller left off.
Examples of Assumption
- When John sold his house to Jane, she assumed the existing mortgage on the property. This allowed her to take over the mortgage payments and continue making them to the lender.
- In a divorce settlement, one spouse may assume responsibility for the mortgage on the family home. This means that they will be solely responsible for making the mortgage payments going forward.
- A company may assume the liabilities of another company as part of a merger or acquisition. This means that they will take over any outstanding debts or legal obligations of the acquired company.
Legal Terms Similar to Assumption
- Novation - Novation is similar to assumption in that it involves one party taking over the obligations of another. However, novation goes a step further and replaces one of the original parties with a new one.
- Assignment - Assignment is the transfer of a contractual right or obligation from one party to another. This can include the transfer of a debt, as in the case of assumption.
- Subrogation - Subrogation is a legal doctrine that allows one party that has paid off another party's debt to step into the shoes of the creditor and pursue payment from the original debtor. This can be relevant in situations where the original creditor has been paid off and the new creditor wants to pursue payment from the debtor.