20-7-5. Novation defined.Novation is the substitution by contract of a new obligation for an existing one and is subject to the rules concerning contracts in general. Source: CivC 1877, §§863, 865; CL 1887, §§3487, 3489; RCivC 1903, §§1181, 1183; RC 1919, §§788, 790; SDC 1939, §47.0237.
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