Questions and Professional Answers

• novation

  what is ''novation''? what are the legal implications of ''novation''.?how to enforce the right of novation?what are the defences available against the rights of novation?

  • Re: novation

    Novation means that there being a contract in existence, some new contract is substiuted for it, either between the same parties (for that might be) or between different parties, the consideration mutually being the discharge of the old contract. Substitution of a new contract is the core of novation. If the new contract suffers from legal flaw, such as want of registration, stamps, etc. on account of which it becomes unenforceable, the original contract will not be extinguished and there would be no novation.

    G B SABARI DAS
    R.SUBRAHMANYAM & ASSOCIATES
    'Charukesi', ground floor, No.37, Chinniah Street , T.Nagar, Chennai, India
    Chennai, NUS 600017

  • Re: novation

    When the parties to a contract agree to substitute the existing contract between them with a new contract this process of changing the contract is called novation. Novation is of two types viz1. involving change of parties 2. involving substitution of the old contract by a new contract Thus, you can change a contract either by changing the parties like you do when you assign your debt to someone else or you can do novation by making a new contract in place of the old.According to section 62 of the Indian Contract Act, 1872 when a new contract is made in place of an old one the obligations of the parties of the old contract are terminated and in place of it they are according to the new contract.A contract is made between two parties and only the parties to that contract can change it. The right of novation is a collective right available to all the parties to a contract collectively. Thus the right of novation can be enforced by the parties to the contract collectively by changing the contract.The right of novation is like the right to make a contract. Thus all the requirements to be fulfilled to make a contract are to be fulfilled for novation as well.As stated above novation is like making a new contract. Thus, the concept of defense against the right of novation does not arise. It is a mutual right of the contracting parties and it is on the sweet will of these parties to either make use of this right or not. You just have to say that you do not want to make a new contract and want the old contract to be binding. Thus, no one can force you to enter into novation.

    AVIK SAHA
    SAHA & RAY
    3A/1, 3RD FLOOR, HASTINGS CHAMBERS, 7C, KIRAN SANKAR ROY ROAD
    Calcutta, NUS 700001

• A novation on payments made to condo assessments

  I owe the condominium association dues and assessments. After 60 days late they put a cliam of lien on my property. The President of the association told me to send whatever I could to the accounting office and I forwarded $1,200 which I thought paid up the account in full. They cashed the checks and now I have been summoned due to the foreclosure of the claim of lien. Since the lien other charges have been assessed but I have continued in sending checks and they still cash them. I thought I had an agreement, but the Presdient backed out of it. Since I made diliegent efforts to make payments and they cashed the checks, is this a ''Novation'' or a new agreement. I feel the President has wronged me.

  • Re: A novation on payments made to condo assessments

    Not a novation. The association should apply the total amount of money paid by you to the outstanding sum due. If your initial payment of $1200.00 was accepted and cashed prior to the filing or service of the foreclosure suit, you may be able to have the fees and expenses relating to the foreclosure suit waived. If not, you need to either work out a settlement, in writing, which should include general releases executed and exchanged by and between the parties. Seek the advice of counsel and good luck.

    Peter Gonzalez
    Sanchez-Medina, Gonzalez, Quesada, Lage, Crespo, Gomez & MachadoLLP
    2333 Ponce De Leon Blvd., Suite 302
    Coral Gables, FL 33134

• business law

  What is novation ? state its essential requirements.

  • Re: business law

    novation is the renewal/ alteration/ change of the previous contract on the same issues/facts.essential requirement is the consent and agreement of both partiesfor further details please see the book of contract law.

    G. M. Gupta
    gmguptaandassociates
    61, paschim vihar extn
    New Delhi, NUS 110063

  • Re: business law

    Novation is the substitution of a contract with another new contract, acceptable to both contracting parties, or the unilateral change or forbearance of the conditions by one party and the acquience of the otehr party.

    Sarosh Bastawala
    ADVOCATE - SUPREME COURT OF INDIA
    Flat No. 408-B, Okaz Apartments, Humayun Nager, Mehdipatnam
    Hyderabad, NUS 500028

• novation?

  My apartment lease was about to expire so the manager wanted me to sign a renewal for a seven month lease which would raise my rent from $1,385 per month to $1,485 per month. I signed the lease renewal and paid the $1,485 on January 3rd. The next day I went back to the rental office and signed a form that the management provided to cancel the lease and go on a month-to-month tenancy. At the same time they asked for a check to make up the difference between the monthly lease amount ($1,385) and the month-to-month amount ($1,755) of $270. I paid the $270 and they deposited the check and the check has cleared. Now, on January 20th, they told me they checked with their attorneys and informed me that I am still responsible for the lease and I must pay $1,900 if I want to move out and break the lease before the lease expires. Am I still obligated to pay this $1,900 lease break penalty if I move out early? Is this novation? Any legal advice on this matter would be very much appreciated. Thanx,--name removed--

  • Re: novation?

    I'm not sure about "novation," but if the new month-to-month contract really canceled any prior leases (by its language) and this is what you and the leasing agency understood you were signing, then the month-to-month tenancy would likely stand.

    Chris Johnson
    Russakow Ryan Johnson
    225 South Lake Avenue, 10th Floor
    Pasadena, CA 91101

  • Re: novation?

    It depends on what the form you signed to cancel the lease says. The fact that they demanded and you paid the additional rent works in your favor."Novation" is a legal conclusion, not a fact you can point to. The important issue is what the parties to the contract intended. Usually, that intent is found in the language of the agreement. Only where the agreement - here the form you signed - is ambiguous will a court accept evidence of what the parties thought it meant.

    Martin Snitow
    Martin S. Snitow Law Corporation
    PO Box 90278
    San Jose, CA 95109-3278

• transfer deed

  can i transfer my nyc condo deed to my parents, whom i owe a lot of $ to although i have a mortgage? can i request that the lender do a novation and turn the mortgage over to my parents who have excellent credit?

  • Re: transfer deed

    Yes and yes. However, the bank (and parents) would have to consent.Mike.

    Michael Markowitz
    Michael A. Markowitz, PC
    1553 Broadway
    Hewlett, NY 11557

• Delinquent Association Dues

  I am currently renting a condo unit. The owner of the unit is in considerable arrears on his association dues. The association has put a lien on his property. He wants me to purchase his unit. What can I do about the dues owed? Can the association set up a payment arrangement with me, the tenant? Is this heard of? Also, can payments on the lien, stop the lien? How does that work exactly, I know that it is not a novation, but does it buy more time, or is that just per the association?

  • Re: Delinquent Association Dues

    Generally, the unit owner (the seller) must pay all liens and other encumbrances on the unit on or prior to closing.For example, if the unit has $10,000 in liens resulting from unpaid maintenance assessments, and you are purchaing the unit for $100,000, then the seller would get the purchase proceeds, subject to the appropriate deductions for the payment of unpaid assessments ($90,000.00). Of course, it's never that simple. There are other closing costs, prorations for other expenses and, if there's a mortgage on the property, the mortgage will have to be paid as well.You need a real estate lawyer experienced in condo or residential closings to help you with the preparation of the contract for the sale and purchase and to do the work necessary prior to closing to make sure your interests are protected. I urge you not to sign a contract or move forward on the deal without a real estate lawyer on your side.

    Peter Gonzalez
    Sanchez-Medina, Gonzalez, Quesada, Lage, Crespo, Gomez & MachadoLLP
    2333 Ponce De Leon Blvd., Suite 302
    Coral Gables, FL 33134

• agents agreement

  An agreement...that states 10% of the gross. Example, Jimmy Connors is the agent for Andy Roddick (Tennis Professional). !0% of the agreement to put the deal together and and ongoig 10% once the agreement is signed. I have buyers for a 30 minute exisiting TV Business Report Show who is drawing up a seperate agreement. My agreement is between me the agent and the purchaser.

  • Re: agents agreement

    Are you having a lawyer review/negotiate the Agreement for you?

    Michael Stewart
    Michael D. Stewart
    501 Brickell Key Drive, Suite 102
    Miami, FL 33131

  • Re: agents agreement

    We can't tell from your post what you want. Feel free to contact me if you are looking for help drafting this contract. Otherwise, I suggest you repost.

    David W. Nance
    DWNance.com founding member of NanceGroup.com
    5700 Magazine Street
    New Orleans, LA 70115

  • Re: agents agreement

    What is your question?

    Alexander M. Rosenfeld
    Rosenfeld & Stein, P.A.
    11900 Biscayne Boulevard
    Miami, FL 33181

• Prenuptial Agreement Created Without Attourney

  My friend used an online template to create a prenuptial agreement and then printed it. Both spouses signed the agreement with a notary. However, an attourney was not involved in the drafting or signing of the agreement.Is this agreement valid and enforcable? If not, can the agreement have any effect on a legal divorce?

  • Re: Prenuptial Agreement Created Without Attourney

    Any waiver of spousal support is invalid if the waiving party was unrepresented. The balance of the agreement may or may not be valid, depending upon the circumstances. You need to consult with an attorney. I offer free consultations and my rates are very reasonable.

    Samuel Lovely
    Law Office of Samuel Lovely
    451 W. Bonita Ave., Suite 9
    San Dimas, CA 91773

  • Reply: Prenuptial Agreement Created Without Attourney

    In a general sense, using an online template for something as important as a prenuptial agreeemnt is not a good idea. To determine if the agreement is valid and complies with the California Family Code and cases, it would have to be reviewed by an experienced family law lawyer.For a specific opinion regarding your friend's individual circumstances, I suggest that your friend consult with an experienced family law lawyer. Experience is not expensive, it's priceless!You and your friend will find some valuable information on various California family law issues by visiting my web site.Good luck to you!Brian Levy, Esq.www.calattorney.com

    Brian Levy, Esq.
    Law Office of Brian Don Levy
    908 S. Village Oaks Drive Suite 200
    Covina, CA 91724-3676

• seperation agreement change

  After I read the agreement my spouses atty had made changes to what I agreed to as well as input things we did not discuss. I pointed this out to my atty and told her I did not agree and per section 7 of the agreement that said I was in agreement after weighing everything that I was not. The agreement continued to be amended and later she asked me to sign the back page that was notorized already and not attached to a final version. What can I do to have the agreement over turned?

• left out UTMA account in separation agreement

  My husband and I signed a separation agreement, but the agreement didn't list the UTMA account, since I drafted the agreement, can I be accused for hidding asset from the agreement? My husband is claiming the agreement is not fair, if I file a motion to reemforce the agreement, would the agreement be set aside because the UTMA account didn't listed?

  • Re: left out UTMA account in separation agreement

    Just want to second Mr. Davies opinion, get an attorney asap!

    Jef Henninger, Esq
    Law Offices of Jef Henninger, Esq.
    8 Offices in New Jersey
    Tinton Falls, Newark, Toms Riv, NJ 08901

  • Re: left out UTMA account in separation agreement

    You might be forced to share the account.Call me if you like.Gary Moore, EsquireHackensack, New Jerseywww.garymooreattorneyatlaw.com

    Gary Moore
    Gary Moore Attorney At Law
    31 Mercer Street P.O. Box 1280
    Hackensack, NJ 07602-1280

  • Re: left out UTMA account in separation agreement

    I have read what the other attorney said, and as usual Gary Moore is correct. You may be required to share the account. However, that is not the whole story, and I do not have enough information to give you any advice at all. You might not be required to share that account; and if it is for the benefit of one of your children, there are a couple of ways to handle it.Let me add: it sounds clearly like you do not have an attorney. Get an attorney. Do not do this alone.Hire an attorney. Go see an experienced divorce attorney located reasonably near you, and pay the attorney to review your situation carefully with you, and give you some guidance. Yes it will cost you; yes, it is worth it.Go hire a lawyer, and figure out what you want to do. If you would like, give me a call; I am in northern New Jersey. I will be happy to discuss this with you; the telephone consultation will be free. My contact information can be obtained from the links below, just click on the Attorney Profile link. Let my secretary know you found me through LawGuru.Disclaimer: Your question and any response does NOT create an attorney-client relationship between you and this law firm. You can not rely on the statements made by an attorney given over the internet. The exact facts of your situation, including facts which you have not mentioned in your question, may completely change the result for your situation.

    Robert Davies
    The Davies Law Firm, P.A.
    45 Essex Street, Suite 3 West
    Hackensack, NJ 07601