Novation is the substitution of a new debt or obligation for an existing one. Novation is a contract, consisting of two stipulations, one to extinguish an existing obligation; the other to substitute a new one in its place. Civ. Code La. art. 2185. The term was originally a technical term Of the civil law, but is now in very general use in English and American jurisprudence. In … [Read more...]
NOVATION
TheLaw.com Law Dictionary & Black's Law Dictionary 2nd Ed.