NOVA DEBITA
nova debita (noh-v[schwa] deb-i-t[schwa]). [Latin] Scots law. New debts, as distinguished from preexisting ones.
¡°A security granted by a debtor within sixty days of his bankruptcy for a debt contracted before that period is reducible as a fraudulent preference. But security or payment granted in consideration of a novum debitum ¡ª a debt presently contracted ¡ª is not reducible although granted within the sixty days.¡± John Trayner, Trayner’s Latin Maxims 402 (4th ed. 1894).
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