Assume Definition and Legal Meaning
On this page, you'll find the legal definition and meaning of Assume, written in plain English, along with examples of how it is used.
What is Assume?
(v) Assume is the action by which a person accepts a fact, meaning, obligations, liability etc attached or connected with the subject matter under reference. Eg. Assuming the liabilities of a firm when it is absorbed by another firm.2. Assuming the charge of the arbitrator
History and Meaning of Assume
The term "assume" comes from the Latin word "assumere", which means to take upon oneself. In legal context, "assume" means to accept or undertake certain obligations or liabilities attached to a particular subject matter. It could also refer to accepting a fact, idea or meaning. Assuming such an obligation can have significant legal consequences, and it is essential that the person or entity taking on the assumption is aware of the implications.
Examples of Assume
- A company assuming the debts and liabilities of another business during a merger or acquisition.
- A person assuming the mortgage of a property when buying it from the original owner.
- A lawyer assuming the role of an arbitrator in a legal dispute.
Legal Terms Similar to Assume
- Undertake: a term used in contract law that refers to the acceptance of an obligation, duty or liability.
- Accept: to admit or agree to the truth or validity of something or to take on an obligation or liability.
- Lien: a legal right or interest that a creditor has in another person's property until the debtor fulfills their obligation to repay the debt.