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.
Words nearby novation
novachord,
novaculite,
novalis,
novara,
novated lease,
novation,
novato,
novaya zemlya,
novel,
novel coronavirus,
novelese
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