Assumption of Debt

Another person takes the place of the debtor.

With an assumption of debt, another person takes over the debt with a releasing effect for the previous debtor. This generally requires the creditor's consent. It is to be distinguished from a mere accession to debt, where an additional debtor joins in.

The relevant statutes

§ 414 BGB

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Related terms

Acknowledgment of Debt
Joint and Several Debtors

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General explanation for self-help, not legal advice (RDG). Individual cases may differ: if in doubt, contact a consumer advice center or a lawyer.