This form is an Assumption Agreement. The form provides that the grantee will assume a lien on property described in the agreement. The assumption will become effective on the date provided in the agreement.
Assumption Of Agreement Meaning In Salt Lake
Category:
State:
Multi-State
County:
Salt Lake
Control #:
US-00424
Format:
Word;
Rich Text
Instant download
Description
Free preview
Form popularity
FAQ
The initial contract must provide for the possibility of assignment by one of the initial contracting parties. The assignor must agree to assign their rights and duties under the contract to the assignee. The assignee must agree to accept, or "assume," those contractual rights and duties.
An assumption agreement is a contractual clause in which one party agrees to take on the obligations and responsibilities of another party as specified in the original agreement.
An Assumption Agreement is a legal document through which one party transfers its obligations or duties under a contract to another party. Essentially, it outlines the specific responsibilities that the new party agrees to assume, ensuring that original obligations are preserved even as parties change.
Assumed Contract means an Executory Contract (as modified or amended pursuant to the Plan, prior order of the Court, or by agreement of the parties) that is assumed by the Debtors pursuant to the Plan.
Assumption of liability refers to a situation where an individual or organization agrees to take on the legal responsibilities and risks associated with a certain action, transaction, or contract.
An assignment may be of all rights or of some specified rights, and an assumption may be of all liabilities or some specified liabilities.
A debt assumption involves two simultaneous transactions; the first transaction cancels the original debtor's obligation, and the second transaction creates a new debt contract between the creditor and the new debtor, or assumer.