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ASSUME

TheLaw.com Law Dictionary & Black's Law Dictionary 2nd Ed.

To agree to take responsibility over another person’s or party’s debt or obligation, e.g. a person buying a car assumes the debt owed for the financing of the vehicle. Also may refer to the actions of a bankruptcy trustee’s decision to either reject or assume (accept) certain contracts. A trustee will assume a contract when it is believed that doing so would be of financially benefit and potentially assist in the payment of creditors.

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