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novation

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noun no·va·tion \nō-ˈvā-shən\

Definition of novation

  1. :  the substitution of a new legal obligation for an old one



Origin of novation

Late Latin novation-, novatio renewal, legal novation, from Latin novare to make new, from novus


First Known Use: 1682


Law Dictionary

novation

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noun no·va·tion \nō-ˈvā-shən\

Legal Definition of novation

  1. :  the substitution by mutual agreement of one obligation for another with or without a change of parties and with the intent to extinguish the old obligation <no evidence that the contract was assigned, or that there was a novationBoccardi v. Horn Constr. Corp., 612 N.Y.S.2d 180 (1994)> — compare accord 3, substituted contract at contract



Origin of novation

Late Latin novatio renewal, legal novation, from Latin novare to make new, from novus new


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