Novation definition

Novation





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3 definitions found

From The Collaborative International Dictionary of English v.0.48 [gcide]:

  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 debt for an old one; also,
        the remodeling of an old obligation; debt restructuring.
        [1913 Webster +PJC]

From WordNet (r) 2.0 [wn]:

  novation
       n : (law) the replacement of one obligation by another by mutual
           agreement of both parties; usually the replacement of one
           of the original parties to a contract with the consent of
           the remaining party

From Bouvier's Law Dictionary, Revised 6th Ed (1856) [bouvier]:

  NOVATION, civil law. 1. Novation is a substitution of a new for an old debt. 
  The old debt is extinguished by the new one contracted in its stead; a 
  novation may be made in three different ways, which form three distinct 
  kinds of novations. 
       2. The first takes place, without the intervention of any new person, 
  where a debtor contracts a new engagement with his creditor, in 
  consideration of being liberated from the former. This kind has no 
  appropriate name, and is called a novation generally. 
       3. The second is that which takes place by the intervention of a new 
  debtor, where another person becomes a debtor instead of a former debtor, 
  and is accepted by the creditor, who thereupon discharges the first debtor. 
  The person thus rendering himself debtor for another, who is in consequence 
  discharged, is called expromissor; and this kind of novation is caned 
  expromissio. 
       4. The third kind of novation takes place by the intervention of a new 
  creditor where a debtor, for the purpose of being discharged from his 
  original creditor, by order of that creditor, contracts some obligation in 
  favor of a new creditor. There is also a particular kind of novation called 
  a delegation. Poth. Obl. pt. 3, c. 2, art. 1. See Delegation. 
       5.-2. It is a settled principle of the common law, that a mere 
  agreement to substitute any other thing in lieu of the original obligation 
  is void, unless actually carried into execution and accepted as 
  satisfaction. No action can be maintained upon the new agreement, nor can 
  the agreement be pleaded as a bar to the original demand. See Accord. But 
  where an agreement is entered into by deed, that deed gives, in itself, a 
  substantive cause of action, and the giving such deed may be sufficient 
  accord and satisfaction for a simple contract debt. 1 Burr. 9; Co. Litt. 
  212, b. 
       6. The general rule seems to be that if one indebted to another by 
  simple contract, give his creditor a promissory note, drawn by himself, for 
  the same sum, without any new consideration, the new note shall not be 
  deemed a satisfaction of the original debt, unless so intended and accepted 
  by the creditor. 15 Serg. & Rawle, 162; 1 Hill's N. Y. R. 516; 2 Wash. C. C. 
  Rep. 191; 1 Wash. C. C. R. 156, 321; 2 John. Cas. 438; Pet. C. C. Rep. 266; 
  2 Wash. C. C. R. 24, 512; 3 Wash. C. C. R. 396: Addis. 39; 5 Day, 511; 15 
  John. 224; 1 Cowen, 711; see 8 Greenl. 298; 2 Greenl. 121; 4 Mason, 343; 9 
  Watts, 273; 10 Pet. 532; 6 Watts & Serg. 165, 168. But if he transfer the 
  note he cannot sue on the original contract as long as the note is out of 
  his possession. 1 Peters' R. 267. See generally Discharge; 4 Mass.. Rep. 93; 
  6 Mass. R. 371; 1 Pick. R. 415; 5 Mass. R. 11; 13 Mass. R. 148; 2 N. H. Rep. 
  525; 9 Mass. 247; 8 Pick. 522; 8 Cowen, 390; Coop. Just. 582; Gow. on Partn. 
  185; 7 Vin. Abr. 367; Louis. Code, art. 2181 to 2194; Watts & S. 276; 9 
  Watts, 280; 10 S. R. 807; 4 Watts, 378; 1 Watts & Serg. 94; Toull. h.t.; 
  Domat, h.t.; Dalloz. Dict. h.t.; Merl. Rep. h.t.; Clef des Lois Romaines, 
  h.t.; Azo & Man. Inst. t. 11, c. 2, SS 4; Burge on Sur. B. 2, c. 5, p. 166. 
  
  

















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