novation

[ noh-vey-shuhn ]

noun

1. Law. the substitution of a new obligation for an old one, usually by the substitution of a new debtor or of a new creditor.
2. the introduction of something new; innovation.

novation

/ nəʊˈveɪʃən /

noun

1. law the substitution of a new obligation for an old one by mutual agreement between the parties, esp of one debtor or creditor for another
2. an obsolete word for innovation

Word History and Origins

Origin of novation¹

1525–35; < Latin novātiōn- (stem of novātiō ) a renewing, equivalent to novāt ( us ) (past participle of novāre to renew, derivative of novus new ) + -iōn- -ion

Word History and Origins

Origin of novation¹

C16: from Late Latin novātio a renewing, from Latin novāre to renew