Novation Agreement

for Your State

This Novation Agreement is between an original debtor, a creditor and a new debtor who agrees to assume all debt obligations under an existing agreement. It is important that this arrangement be set out in writing and this form can easily be tailored to fit your individual needs.

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This Novation Agreement is between an original debtor, a creditor and a new debtor who agrees to assume the original debtor's obligations to the creditor. This agreement sets out the names and addresses of all parties, the amount of indebtedness and the name and date of the agreement which created the indebtedness (i.e. Loan Agreement). It also sets forth that the new debtor assumes all debt and that creditor agrees with the assumption of the agreement. It is imperative that this arrangement be clearly set out in writing. A well-written Novation Agreement will prove invaluable in the event of disagreements, misunderstandings or litigation between the parties surrounding payment of the debt.

This Novation Agreement includes the following:
  • Parties: Sets forth the names of both original and new debtors and the creditor to whom the debt is owed;
  • Assumption: Title and date of the agreement under which the debt was created and creditor's agreement to allow new debtor to assume the obligations under this agreement;
  • Signatures: This agreement must be signed by all parties in the presence of witnesses.

Protect your rights and your property by using our attorney-prepared forms.

This attorney-prepared packet contains:
  1. General Instructions
  2. Novation Agreement
State Law Compliance: This form complies with the laws of all states
Number of Pages4
DimensionsDesigned for Letter Size (8.5" x 11")
EditableYes (.doc, .wpd and .rtf)
UsageUnlimited number of prints
Product number#28635
This is the content of the form and is provided for your convenience. It is not necessarily what the actual form looks like and does not include the information, instructions and other materials that come with the form you would purchase. An actual sample can also be viewed by clicking on the "Sample Form" near the top left of this page.
 
 
Novation Agreement

 

 

THIS AGREEMENT made as of [Date (ie. July 31, 2002)]
B E T W E E N:
[NAME OF DEBTOR], of [Address of Debtor]
(the "Debtor")
- and -
[NAME OF NEW DEBTOR], of [Address of New Debtor]
(the "New Debtor")
- and -
[NAME OF CREDITOR], of [Address of Creditor]
(the "Creditor")
WHEREAS:
(A)   The Debtor is indebted to the Creditor in the amount of [Amount of Indebtedness owing by Debtor to Creditor] pursuant to the terms and conditions of a [Name of Agreement Creating Indebtedness (ie. Loan Agreement)] (the "Loan Agreement") dated [Date of Agreement Creating Indebtedness] (the "Indebtedness"); and
(B)   The New Debtor has agreed with the Debtor and the Creditor to assume the Indebtedness;
NOW THEREFORE in consideration of the recitals, the mutual covenants hereinafter set forth, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows:
1.   The New Debtor hereby assumes the Indebtedness and the obligations of the Debtor under the Loan Agreement, and undertakes to perform and discharge all obligations and liabilities of the Debtor to the Creditor under the Loan Agreement.
2.   The New Debtor hereby undertakes to fully and completely honor the terms and conditions of the Loan Agreement.
3.   In consideration of the foregoing, the Creditor hereby consents to the assumption of the Indebtedness by the New Debtor and hereby forever releases and discharges the Debtor in respect of any and all claims which the Creditor has or may have, now or in the future, whether arising in respect of the Obligations and the Loan Agreement.
IN WITNESS WHEREOF the parties hereto have executed this Agreement as of the date first above written.
 
 
 
Witness
 
[NAME OF DEBTOR]
 
 
 
 
Witness
 
[NAME OF NEW DEBTOR]
 
 
 
 
Witness
 
[NAME OF CREDITOR]
 

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