Terms Used In 18 Guam Code Ann. § 82502

  • 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.
Novation is made:

1. By the substitution of a new obligation between the same parties, with intent to extinguish the old obligation;

2. By the substitution of a new debtor in place of the old one, with intent to release the latter; or

3. By the substitution of a new creditor in place of the old one, with intent to transfer the rights of the latter to the former.

SOURCE: CC § 1531.