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novation

[noh-vey-shuh n]
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.
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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
Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2018

British Dictionary definitions for novation

novation

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
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Word Origin for novation

C16: from Late Latin novātio a renewing, from Latin novāre to renew
Collins English Dictionary - Complete & Unabridged 2012 Digital Edition © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009, 2012

Word Origin and History for novation

n.

"replacement of an old obligation by a new one," 1530s, from Latin novationem (nominative novatio) "a making new, renewal," noun of action from past participle stem of novare "make new," from novus "new" (see new).

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Online Etymology Dictionary, © 2010 Douglas Harper