ASSUMPTION CLAUSE

assumption  clause.  1.  A  mortgage  provision  that  prohibits  another  from  assuming  the

mortgage without the permission of the mortgagee. [Cases: Mortgages    272. C.J.S. Mortgages §§

382–383.] 2. A provision by which the transferee of an instrument agrees to assume an obligation

of the transferor.[Blacks Law 8th]