Assumption of Debt
"Does assumption of debt require the creditor's consent?"
Quick Answer
A legal process where a third party takes over a debtor's obligation, relieving the original debtor of their liability.
Scope and Legal Distinctions
An internal promise to pay another person's debt does not necessarily release the original debtor against the creditor. External assumption must be assessed through the creditor relationship.
What to Check in Practice
Document creditor consent, remaining guarantees and security, and whether the original debtor is released. Separate payment assistance from an actual substitution of debtor.
Sources & Authorities
Statutory framework and official guidance for this definition.
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