Louisiana Civil Code 1885 – Novation of solidary obligation
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Terms Used In Louisiana Civil Code 1885
- 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.
A novation made by the obligee and one of the obligors of a solidary obligation releases the other solidary obligors.
In that case, the security given for the performance of the extinguished obligation may be retained by the obligee only on property of that obligor with whom the novation has been made.
If the obligee requires that the other co-obligors remain solidarily bound, there is no novation unless the co-obligors consent to the new obligation.
Acts 1984, No. 331, §1, eff. Jan. 1, 1985.