Last updated on April 18, 2026
Extinguishment of an existing obligation by the creation of a new one that replaces it, under Sections 349–353 of the Thai Civil and Commercial Code. Novation can be by change of object, change of debtor (with creditor’s consent), or change of creditor. The effect is to extinguish all accessory rights — pledges, mortgages, and sureties — unless the parties expressly agree to preserve them.
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