novation of a debt

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• novation — no·va·tion /nō vā shən/ n [Late Latin novatio renewal, legal novation, from Latin novare to make new, from novus new]: the substitution by mutual agreement of one obligation for another with or without a change of parties and with the intent to… …   Law dictionary

• Novation — No*va tion, n. [L. novatio; novus new: cf. F. novation.] 1. Innovation. [Obs.] [1913 Webster] I shall easily grant that novations in religion are a main cause of distempers in commonwealths. Laud. [1913 Webster] 2. (Law) A substitution of a new… …   The Collaborative International Dictionary of English

• novation — (1) The substitution of an existing debt with a newer debt. (2) An agreement to substitute an existing party to a contract with a new party. All of the original parties to the contract must agree to the substitution. American Banker Glossary… …   Financial and business terms

• novation — A type of substituted contract that has the effect of adding a party, either as obligor or obligee, who was not a party to the original duty. Substitution of a new contract, debt, or obligation for an existing one, between the same or different… …   Black's law dictionary

• novation — A type of substituted contract that has the effect of adding a party, either as obligor or obligee, who was not a party to the original duty. Substitution of a new contract, debt, or obligation for an existing one, between the same or different… …   Black's law dictionary

• Novation — Defeasance whereby the firm s debt is canceled. The New York Times Financial Glossary * * * novation no‧va‧tion [nəʊˈveɪʆn ǁ noʊ ] noun [countable, uncountable] LAW when there is a change of one or more of the people or organizations that have… …   Financial and business terms

• Novation — 1.The act of replacing one participating member of a contract with another. 2. The exchange of new debts or obligations for older existing ones. 1. All rights, duties, and terms are transferred to the new party upon consent of all parties… …   Investment dictionary

• ASSIGNMENT (OF DEBT) — History and Development Basically, Jewish law did not recognize the concept whereby personal rights or obligations (whether arising from contract or from a liability for damages in tort) could be legally assigned, either by the creditor or the… …   Encyclopedia of Judaism

• extinguishment of debt — The extinction or cancellation of a debt; as, by payment, by merging of the debtor and the creditor, by novation, or by the merger of a debt in a judgment. 30A Am J Rev ed Judgm § 321 …   Ballentine's law dictionary

• South African contract law — is essentially a modernised version of the Roman Dutch law of contract, [1] which is itself rooted in Roman law. In the broadest definition, a contract is an agreement entered into by two or more parties with the serious intention of creating a… …   Wikipedia

• Assignment (law) — Contract law Part …   Wikipedia