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Intent to extinguish old obligation expressed or

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Unformatted text preview: compensation already perfected b. If made before compensation took place – depends i. With consent of debtor – debtor is estopped unless he reserves his right and gave notice to assignee ii. With knowledge but w/o consent of debtor – compensation may be set up as to debts maturing prior to assignment iii. W/o knowledge – compensation may be set-up on all debts prior to his knowledge 8. NOVATION NOVATION – extinguishment of obligation by creating/ substituting a new one in its place • • • Changing object or principal conditions Substituting person of debtor rd Subrogating 3 person in right of creditor REQUISITES: a. Valid obligation b. Intent to extinguish old obligation – expressed or implied: completely/substantially incompatible old and new obligation on every point c. Capacity and consent of parties to the new obligation d. Valid new obligation EFFECTS OF NOVATION: a. Extinguishment of principal carries QuickTim accessory,(Uncompressed)e™ and a except: decompressor TIFF are needed to contrary i. Stipulation to see this picture. ii. Stipulation pour autrui unless beneficiary consents iii. Modificatory novation only; obliged to w/c is less onerous iv. Old obligation is void b. Old obligation subsists if new obligation is void or voidable but annulled already (except: intention of parties) c. If old obligation has condition i. If Resolutory and it occurred – old obligation already extinguished; no new obligation since nothing to novate ii. If Suspensive and it never occurred –as if no obligation; also nothing to novate d. If old obligation has condition, must be compatible with the new obligation; if new is w/o condition – deemed attached to new e. If new obligation has condition i. If resolutory: valid ii. If suspensive and did not materialize: old obligation is enforced KINDS OF NOVATION: a. REAL/OBJECTIVE – change object, cause/consideration or principal condition b. PERSONAL/SUBJECTIVE i. Substituting person of debtor (passive) • EXPROMISION; initiative i...
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This document was uploaded on 02/18/2014 for the course ACC 2001 at Alabama Christian Academy.

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