assume

(redirected from assumability)
Also found in: Dictionary, Thesaurus, Legal.

assume the mantle

To take, inherit, or receive the responsibilities and duties associated with a certain position or job, especially one regarded as important or powerful. The king led the country for over 60 years; now, his daughter will assume the mantle of the throne.
See also: assume

assume the position

1. To take over the role and responsibilities of a particular job. My boss wants me to assume the position of treasurer this year, but I don't know if I want the extra workload.
2. A command issued by US law enforcement officers, meaning to stand with one's back to the officer and hold one's arms in a position to be either handcuffed or frisked. Primarily heard in US, South Africa. I knew I was in trouble when they asked me out of the car, but I knew I was going to jail when they told me to assume the position.
See also: assume, position

assume liability for

To take responsibility for something, typically a cost or expense. When you signed the contract, you assumed liability for fees like this.
See also: assume

assume liability for something

to accept the responsibility for paying a cost. Mr. Smith assumed liability for his son's student loans. The store assumed liability for the injured customer's hospital bills.
See also: assume

*low profile

Fig. a persona or character that does not draw attention. (*Typically: assume ~; have ~; keep ~; give oneself ~.) I try to be quiet and keep a low profile. It's hard because I just love attention.
See also: low, profile
References in periodicals archive ?
Ability to * Front-end * Debt-to-income Repay debt-to-income ratio ratio cannot exceed cannot exceed 28% 43% (does not * Back-end break out debt-to-income debt-to-income ratios ratio cannot into front or exceed 36% back end) Assumability * Not assumable by any person who was not a borrower under the original mortgage transaction Government * QM if eligible for Sponsored purchase, guarantee Enterprises or insurance by a (GSE) Inclusion GSE, HUD, the Veterans Administration, U.
The most straightforward method of amendment might simply be to qualify section 365(c)(2) by adding an exception for contracts in which the creditor consents prepetition to assumability by the DIP after bankruptcy.
For example, if the creditor simply relies on the plain language of the Code, disallowing assumability, the creditor will be less concerned with its prepetition negotiations as it presumes its ability to renegotiate postpetition.
1990) (stating that "[t]he legislative history of [section 365(c)(2)] leaves no doubt that this exception to the assumability of executory contracts was drafted for the purpose of assuring that contracts to lend money or to extend credit .
It's my view that this effect is due in large part to the assumability of MMIF-insured mortgages.
This, of course, is due to the facts that 1) the assumability feature of MMIF-insured mortgages saves the prospective purchaser the closing costs of a new mortgage, and 2) an assumed loan will offer that purchaser smaller monthly payments in times when current market rates are higher.
Loan features such as assumability or convertibility could be added to the profile of desired attributes.