Law Dictionary Definitions

assured,n.  Insurance.  One  who  is  indemnified  against  loss;  INSURED.  [Cases:  Insurance C.J.S. Insurance § 389.][Blacks Law 8th]

assurance,n.1.  Something  that  gives  confidence;  the  state  of  being  confident  or  secure <self-assurance>.2.English  law.  See  life  insurance under  INSURANCE  <she  obtained  assurance before  traveling  abroad,  naming  her  husband  as  the  beneficiary>.3.  The  act  of  transferring  real property; the instrument by which it is transferred <the owner’s assurance of the farm to his son>.4. A pledge…

assumption of the risk.Torts. 1. The act or an instance of a prospective plaintiff’s taking on the risk of loss, injury, or damage <the skydiver’s assumption of the risk>. — Also termed assumption of risk. [Cases: Negligence    550. C.J.S. Negligence §§ 360–361.] “[Assumption  of risk] has been a subject of  much controversy, and has been…

assumption fee.A lender’s charge for processing records for a new buyer’s assumption of an existing mortgage. [Cases: Mortgages    279. C.J.S. Mortgages § 395.[Blacks Law 8th]

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]

assumption,n.1. A fact or statement taken for granted; a supposition <a logical assumption>.2. The act of taking (esp. someone else’s debt or other obligation) for or on oneself; the agreement to so take <assumption of a debt>. — assume,vb. implied assumption.The imposition of personal liability on a land purchaser who buys subject to  a  mortgage …

assumpsit (<<schwa>>-s<<schwa>>m[p]-sit). [Law Latin “he undertook”] 1. An express or implied promise, not under seal, by which one person undertakes to do some act or pay something to another <an assumpsit to pay a debt>.2. A common-law action for breach of such a promise or for breach of a contract < the creditor’s assumpsit against…

assume  or  reject.Bankruptcy.  (Of  a  debtor-in-possession  or  a  trustee)  to  make  an  election under  the  Bankruptcy  Code  concerning  an  executory  contract  or  an  unexpired  lease  within  a prescribed period, depending on the chapter of the Code under which the case is proceeding and the subject  matter of the contract. • The timing,  procedure, and consequences…

assumed name. 1.ALIAS(1).2. The  name  under which a business operates or by  which it is commonly  known <Antex Corporation’s assumed  name is Computer Warehouse>. • Many states require  an  individual  or  business  operating  under  an  assumed  name  to  file  an  assumed-name certificate,  usu.  in  the  secretary  of  state’s  office  or  the  county  clerk’s  office  where …

assumed bond.See guaranteed bond under BOND(3).[Blacks Law 8th]