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A Novation is a new agreement and is recognized in the law. The definition of Novation from Bouvier’s 1856 law dictionary illustrates: 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 ... Read More
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