Under the new treaty, the existing laws and duties expire. As a rule, a Novation comes into existence when a new person takes over a payment commitment that has arisen for the initial contractual partner. A distinction must be made between a position in which another person gives a guaranty that a borrower will repay what he owing to a bank.
For novations, the initial borrower is fully exempted from the obligations assigned to another person. Type of transactions depends on the agreements between the two sides. Novations also take place when the initial political sides maintain their mutual commitment, but a new arrangement replaces the old one.
For the purposes of Article 1 of the Treaty, there is an arrangement in England between at least three interested persons which provides for the release of an initial contractual partner and the contribution of another one. In Scottish contractual practice novelty is the fulfilment of a contractual relationship by the replacement of a new commitment between the same contractual partners.
INNOVATION, Private Practice. Nove-nation is the replacement of an old guilt by a new one. Old debts expire with the new debts that have taken their place; a novel ation can take place in three different ways that constitute three different types of newtions. Firstly, without the assistance of a new individual, when a borrower enters into a new commitment with his creditors, taking into account the exemption from this.
It has no suitable name and is generally referred to as nuptialism. Secondly, what happens through the interventions of a new borrower, in which another borrower becomes the borrower instead of a former borrower, and is acceptable to the borrower, who then relieves the first borrower.
He who thus makes himself the borrower for another who is subsequently dismissed is known as an exporter; and this type of novation is expromisio. A third type of novelty is the interventions of a new believer, in which a borrower enters into an undertaking on behalf of that believer to relieve his initial-borrower.
And there is a special kind of neo-nazis referred to as delegations. One of the permanent principles of ordinary solicitation is that a simple arrangement to replace another thing instead of the initial commitment is null and void, unless it is actually implemented and acknowledged asatisfaction. The new treaty cannot be upheld, nor can the treaty be invoked as an obstacle to the initial claim.
However, when an arrangement is made by a document, that document in itself gives a material plea in law, and the issuance of such a document may be adequate - conformity and gratification for a mere contractual obligation. It seems to be the general principle that if a borrower who is in default under a straightforward arrangement gives his borrower a borrower's certificate of indebtedness of the same amount without new payment, the new certificate of indebtedness is not regarded as satisfying the initial liability, unless the borrower has contemplated and agreed to do so.
224; 1 Cowen, 711; see 8 Greenl. 298; 2 Greenl. 121; 4 Mason, 343; 9 Watt, 273; 10 Pet. 532; 6 Watt & Serg. However, if he transfers the ticket, he cannot bring an action against the initial agreement as long as the ticket is not in his ownership.
from 2181 to 2194; Watt & p. 276; 9 Watt, 280; 10 p. R. 807; 4 Watt, 378; 1 Watt & Serg.