Novation: Difference between revisions
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''Law.'' | ''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. | 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 == | == 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.
