28-1-1502. Kinds of novation.
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/mt/title-28/chapter-1/part-15/28-1-1502·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
28-1-1502 . Kinds of novation. Novation is made by the substitution of:
(1)a new obligation between the same parties with intent to extinguish the old obligation;
(2)a new debtor in place of the old one with intent to release the latter; or
(3)a new creditor in place of the old one with intent to transfer the rights of the latter to the former.