новация ; нововведение; замена существующего обязательства новым; новшество
- This was done by novation, i.e. by agreement between Mr. Atkinson, J.C.L.
- However, if the third party were informed of the agreement and assented thereto, a novation could be implied, effective to bind the third party.
- A novation is an extinguishing of rights under the earlier contract and the creation of a new contract.
- On 11 November 1980, C and G contracted to sell their shares in the company to a fellow shareholder and director of the company, B. Under the terms of the agreement, the taxpayers, B, and the company, executed a deed of novation whereby the company released the taxpayers from liability on their current accounts (which stood in total at 79,000) up to a limit of 68,000.
- Another context in which claims analogous to novation and assignment have been raised is State succession.
- An incoming partner is not liable for debts incurred before he joined unless there is a novation.
- Adoption is different from novation and also appears to be distinguishable from merely acting as though the contract were binding on the company.
- After a period of time, silence on the part of a third party (the most likely response) could estop it from denying that a novation had occurred.
- The taxpayers appealed to a Special Commissioner, contending that the novation did not constitute a "release" because it was neither wholly voluntary or gratuitous, nor made for less than full consideration.
- A novation resulted in the loan's remaining outstanding; the loan was not repaid and there was nothing equivalent to a repayment.
- The principle known as novation is the key here, being an agreement with the creditor to substitute one debtor for another.
- Accordingly, the company had "released" the taxpayers from the obligation to repay the loans for the purposes of s 287(1) by virtue of the deed of novation, and the taxpayers' appeals would be dismissed.
- Strictly speaking, the creditor's consent to the transfer of his debt is required by novation.