South Dakota Codified Laws 20-7-6. Novation by substitution of obligation
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Novation is made by the substitution of a new obligation between the same parties, with intent to extinguish the old obligation.
Terms Used In South Dakota Codified Laws 20-7-6
- 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, § 864, subdiv 1; CL 1887, § 3488, subdiv 1; RCivC 1903, § 1182, subdiv 1; RC 1919, § 789 (1); SDC 1939, § 47.0238 (1).