novation

[ noh-vey-shuh n ]
/ noʊˈveɪ ʃən /

noun

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

Origin of novation

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

British Dictionary definitions for novation

novation
/ (nəʊˈveɪʃən) /

noun

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
an obsolete word for innovation

Word Origin for novation

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