'Novation' definitions:
Definition of 'novation'
(from WordNet)
noun
(law) the replacement of one obligation by another by mutual agreement of both parties; usually the replacement of one of the original parties to a contract with the consent of the remaining party
Definition of 'Novation'
From: GCIDE
- Novation \No*va"tion\, n. [L. novatio; novus new: cf. F. novation.]
- 1. Innovation. [Obs.] [1913 Webster]
- I shall easily grant that novations in religion are a main cause of distempers in commonwealths. --Laud. [1913 Webster]
- 2. (Law) A substitution of a new debt for an old one; also, the remodeling of an old obligation; debt restructuring. [1913 Webster +PJC]