Definition of novation
: the substitution of a new legal obligation for an old one
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Under the rules in six large EU member states analysed by the International Swaps and Derivatives Association (ISDA), a global trade body, novations and compressions would be considered regulated activities.
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Law Dictionary
legal Definition of novation
: 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 novation
- —Boccardi v. Horn Constr. Corp., 612 N.Y.S.2d 180 (1994)
Origin and Etymology of novation
Late Latin novatio renewal, legal novation, from Latin novare to make new, from novus new
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