“Assumed by the transferee” means the contractual undertaking by the transferee of real estate of the primary obligation of the transferor with respect to any mortgage, lien, or encumbrance or of any other obligation, even if the mortgage, lien, encumbrance, or other obligation is not related to the property transferred, if the assumption is part of the consideration for the real estate transferred.

Source. #1169, eff 5-23-78; ss by #2154, eff 10-11-82; ss by #2822, eff 8-17-84; amd #3102, eff 8-20-85; ss and moved by #4705, Interim, eff 11-21-89, Exp. 3-21-90; ss by #4916, eff 8-21-90; ss by #5300, eff 12-26-91; ss by #6691, eff 2-21-98, EXPIRED: 2-21-06 New. #8579, eff 3-8-06; ss by #10665, eff 9-9-14; ss by #14071, eff 9-10-24