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

Barclays declined to comment on its arrangement with AIG, which is known as a "novation" in the world of derivatives.

From Reuters • Feb. 4, 2010

II Duce causes some few Italians to wear black shirts�no great in- novation, after all, among a shirt-wearing people.

From Time Magazine Archive

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

From Bussy D'Ambois and The Revenge of Bussy D'Ambois by Boas, Frederick S.

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 Presbyterian Worship Its Spirit, Method and History by Johnston, Robert