Definition of Extinguishment Of Debts
This takes place by payment; by accord and satisfaction; by novation, or the substitution of a new debtor; by merger, when the creditor recovers a judgment or accepts a security of a . higher nature than the original obligation; by a release; and where one of the parties, debtor, or creditors, makes the other his executor. See also Bankruptcy.
That's the definition of Extinguishment Of Debts in Black's Law Dictionary 6th Edition. Courtesy of Cekhukum.com.
