novation

[ noh-vey-shuhn ]
/ 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.

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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 novusnew) + -iōn--ion
Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2020

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
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