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NOVATION

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Originally appearing in Volume V19, Page 832 of the 1911 Encyclopedia Britannica.

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NOVATION , a legal See also:

TERM

term derived from the See also:

ROMAN

Roman See also:

law, in which novatio was of three kinds-substitution of a new debtor (expromissio or delegatio), of a new creditor (cessio nominum vel actionum), or of a new See also:

contract. In See also:

ENGLISH

English law the term (though it occurs as See also:

early as See also:

BRACTON, HENRY DE (d. 1268)

Bracton) is scarcely naturalized, the substitution of a new debtor or creditor being generally called an See also:

ASSIGNMENT, ASSIGNATION, ASSIGNEE

assignment, and of a new contract a See also:

MERGER (Fr. merger, to sink)

merger. It is doubtful, however, whether merger applies except where the substituted contract is one of a higher nature, as where a contract under See also:

seal supersedes a See also:

SIMPLE

simple contract. Where one contract is replaced by another, it is of course necessary that the new contract should be a valid contract, founded upon sufficient See also:

CONSIDERATION (from Lat. considerare, to look at closely, examine, generally taken to be from con-, and the base seen in sidus, sideris, a star, the word being supposed to be originally an astrological or astronomical term)

consideration (see CONTRACT). The extinction of the previous contract is sufficient consideration. The question whether there is a novation most frequently arises in the course of dealing between a customer and a new See also:

PARTNERSHIP (earlier forms, partener, parcener, from Late Lat. partionarius for partitionarius, from partitio, sharing, pars, part)

partnership, and on the assignment of the business of a See also:

LIFE

life assurance See also:

COMPANY

company with reference to the assent of the policyholders to the See also:

TRANSFER (from Lat. transferre, to bear across, carry over)

transfer of their policies. The points on which novation turns are whether the new See also:

FIRM

firm or company has assumed the liability of the old, and whether, the creditor has consented to accept the liability of the new debtors and See also:

DISCHARGE (adapted from the O. Fr. discharge, modern decharge, from a med. Lat. discargare, to unload, dis- and earn care, to load, cf. " charge ")

discharge the old. The question is one of fact in each See also:

case. See especially the Life Assurance Companies See also:

ACT (Lat. actus, actum)

Act 1872, s. 7, where the word " novations " occurs in the marginal See also:

note to the See also:

section, and so has quasi-statutory See also:

SANCTION (Lat. sanctia, from sancire, to decree or ordain)

sanction. Scots law seems to be more stringent than English law in the application of the See also:

DOCTRINE

doctrine of novation, and to need stronger See also:

EVIDENCE (Lat. evidentia, evideri, to appear clearly)

evidence of the creditor's consent to the transfer of liability. In See also:

AMERICAN

American law, as in English, the term is something of a novelty, except in See also:

LOUISIANA

Louisiana, where much of the See also:

CIVIL

civil law is retained.

End of Article: NOVATION

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NOVAYA ZEMLYA (Nova Zembla, " new land ")