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subrogation
Subrogation means substituting one creditor for another creditor, transferring any rights or duties that originally belonged to the first creditor to the second. (noun)
When you owe a mortgage loan to one bank and then another bank buys the loan and you now owe the second bank, this is an example of a subrogation.
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See subrogation in Webster's New World College Dictionary
See subrogation in American Heritage Dictionary 4
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