This case has been cited 2 times or more.
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2015-03-25 |
LEONARDO-DE CASTRO, J. |
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| In Ajax Marketing and Development Corporation v. Court of Appeals,[26] the Court further clarified that:The well settled rule is that novation is never presumed. Novation will not be allowed unless it is clearly shown by express agreement, or by acts of equal import. Thus, to effect an objective novation it is imperative that the new obligation expressly declare that the old obligation is thereby extinguished, or that the new obligation be on every point incompatible with the new one. In the same vein, to effect a subjective novation by a change in the person of the debtor it is necessary that the old debtor be released expressly from the obligation, and the third person or new debtor assumes his place in the relation. There is no novation without such release as the third person who has assumed the debtor's obligation becomes merely a co-debtor or surety. (Citations omitted.) | |||||
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2009-03-23 |
CARPIO MORALES, J. |
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| The bank's Account Officer, Lionel Calo Jr. (Calo), signed for its conformity to the deed.[6] | |||||