Article 416 of Civil Code

1 - An obligation is novated by the parties' agreement to replace the original obligation with a new obligation differing from it in its subject matter or source. 2 - An obligation may be novated by substitution of the debtor if the creditor agrees with a third party that the latter shall become debtor in place of the original debtor and that the original debtor shall be discharged without his consent being required, or if the original debtor obtains the creditor's consent to a third party who has accepted becoming debtor in his place. 3 - An obligation may likewise be novated by substitution of the creditor if the creditor, the debtor, and a third party agree that the third party shall be the new creditor.