Debt is ASSUMED by an agreement between the debtor and the assumer of debt, under the condition that the creditor, who isn’t a contracting party in this agreement, agrees to that. Without his or her consent, the agreement has no legal effect.  

The subject of debt assumption agreement is a liability.

Participants in this legal matter are:

1. original debtor transferring their debt to a new debtor
2. debt assumer (new debtor)
3. creditor has remained unchanged, but is collecting his claim from a new debtor

By assuming the debt there is a change of the debtor, but the creditor remains the same.

Example of debt assumption:

 

 

Daniel owes Ela 7,000.00 kn, Ela owes Davor 6,200.00 kn. By a debt assumption agreement, Ela and Daniel agree that Daniel will pay the amount of 6,200.00 kn to Davor instead of paying to her, and the remainder (800.00 kn), have to be paid do her directly. This agreement has no legal effect if Davor doesn’t agree to a new debtor (Daniel instead of Ela), although he isn’t a contracting party. So -> Daniel has taken on Ela’s debt toward Davor.