Section 62(b) in Jammu and Kashmir Contract Act, Svt. 1977 (1920 A.D.)
(b)A owes B 10,000 rupees. A enters into an agreement with B, and gives B a mortgage of his (A's) estate for 5,000 rupees in place of the debt of 10,000 rupees. This is a new contact and extinguishes the old.
