Montana Code 28-1-1502. Kinds of novation
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28-1-1502. Kinds of novation. Novation is made by the substitution of:
Terms Used In Montana Code 28-1-1502
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
(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.