South Dakota Codified Laws 20-7-5. Novation defined
Current as of: 2023 | Check for updates
|
Other versions
Novation is the substitution by contract of a new obligation for an existing one and is subject to the rules concerning contracts in general.
Terms Used In South Dakota Codified Laws 20-7-5
- Contract: A legal written agreement that becomes binding when signed.
- 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.
Source: CivC 1877, §§ 863, 865; CL 1887, §§ 3487, 3489; RCivC 1903, §§ 1181, 1183; RC 1919, §§ 788, 790; SDC 1939, § 47.0237.