28-1-1504. When acceptance of novation may be rescinded. When the obligation of a third person or an order upon the third person is accepted in satisfaction, the creditor may rescind the acceptance if:

(1) the debtor prevents the third person from complying with the order or from fulfilling the obligation;

(2) at the time the obligation or order is received, the third person is insolvent and the fact is unknown to the creditor; or

(3) before the creditor can, with reasonable diligence, present the order to the third person upon whom it is given, the third person becomes insolvent.