novation

American  

[noh-vey-shuhn] / noʊˈveɪ ʃən /

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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novation British  

/ 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

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Etymology

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

Example Sentences

Another is “novation”, where an existing contract is transferred to a different legal entity.

From Economist

This was the formal and particular enactment of the principle laid down two generations earlier, when in 1639 the Church, disturbed by the Brownists, had ordained that "no novation in worship should be suddenly enacted."

From Project Gutenberg

We have heard before from Spotswood, that novations in a church, even in the smallest things, are dangerous.

From Project Gutenberg

Strange ones, and fit for a novation; Waightie, unheard of, mischievous enough.

From Project Gutenberg

Because such ills has followed upon these novations, therefore we think it meet now to forbear the practice of them till they be tried by Assembly and Parliament.

From Project Gutenberg