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novation

noun
no·​va·​tion | \ nō-ˈvā-shən How to pronounce novation (audio) \

Definition of novation

: the substitution of a new legal obligation for an old one

Examples of novation in a Sentence

Recent Examples on the Web

 Under the rules in six large EU member states analysed by the International Swaps and Derivatives Association (ISDA), a global trade body, novations and compressions would be considered regulated activities. — The Economist, "Standing novationsBrexit will give the derivatives market a nasty headache," 12 Oct. 2017

First Known Use of novation

1682, in the meaning defined above

History and Etymology for novation

borrowed from Latin novātiōn-, novātiō, from novāre "to make new, renew, replace an existing legal obligation with a new one" (derivative of novus "new") + -tiōn-, -tiō, suffix of verbal action — more at new entry 1

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More Definitions for novation

novation

noun
no·​va·​tion | \ nō-ˈvā-shən How to pronounce novation (audio) \

Legal Definition of novation

: the substitution by mutual agreement of one obligation for another with or without a change of parties and with the intent to extinguish the old obligation no evidence that the contract was assigned, or that there was a novation — Boccardi v. Horn Constr. Corp., 612 N.Y.S.2d 180 (1994) — compare accord sense 3, substituted contract at contract

History and Etymology for novation

Late Latin novatio renewal, legal novation, from Latin novare to make new, from novus new

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