Difference between revisions of "Novation"

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''Law.''   
 
''Law.''   
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A method of loan transfer, which transfers the rights and obligations of a lender by creating in law a new ('nova') contract between the parties, on the same terms as the original agreement except that the transferee has taken the place of the transferor.
 
A method of loan transfer, which transfers the rights and obligations of a lender by creating in law a new ('nova') contract between the parties, on the same terms as the original agreement except that the transferee has taken the place of the transferor.
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== See also ==
 
== See also ==
 
* [[Substitution]]
 
* [[Substitution]]
 
 

Revision as of 15:15, 21 August 2013

Law.

A method of loan transfer, which transfers the rights and obligations of a lender by creating in law a new ('nova') contract between the parties, on the same terms as the original agreement except that the transferee has taken the place of the transferor.


See also