“Civil Code section 1530 defines ‘novation’ as ‘the substitution of a new obligation for an existing one.’ The three forms of novation are set forth in Civil Code section 1531: 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. Thus, a novation may substitute a new obligation between the same parties, it may substitute a new debtor, or it may substitute a new creditor.”
[California Affirmative Defenses [certain citations omitted]]
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