Novation

From ACT Wiki
Revision as of 15:15, 21 August 2013 by Doug Williamson (Talk | contribs) (Spacing 21/8/13)

Jump to: navigation, search

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