18 GCA § 82502: Modes of Novation.

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.