Novation, rarely a substitution act (novation)

The conversion of a debt obligation by issuing a new one in place of the cancelled one (substitution of a new obligation for an old one). – The entry of a new creditor or debtor into an existing contract (the replacement of a new creditor or debtor for an old creditor or debtor). – See bond, callable, option, compound, redemption protection.

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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
E-mail address: info@ekrah.com
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https://www.gerhardmerk.de/