New Promise Law and Legal Definition
New promise is a promise made in writing by a debtor to his creditor after the cause of action is barred by the statute of limitations, to revive it, or before the action is barred, to keep it alive. It is a promise in addition to, or substituted for, the promise in an original agreement.
If a debtor revives a debt by a new promise, the other creditors have no ground to complain. They are deprived of no right which is paramount to the right of the creditor whose debt is revived. They possess no lien or priority which is defeated. They do not stand in the position of purchasers, and hold no equity superior to the other creditors. [Hellman v. Kiene, 73 Iowa 448, 450 (Iowa 1887)].
