novation

noun no·va·tion \ nō-ˈvā-shən \
Updated on: 15 Nov 2017

Definition of novation

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

Recent Examples of novation from the Web

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Origin and Etymology of novation

borrowed from Latin novātiōn-, novātiō, from novāre "to make new, renew, replace an existing legal obligation with a new one" (derivative of novus "new") + -tiōn-, -tiō, suffix of verbal action — more at 1new


Law Dictionary

novation

noun no·va·tion \ nō-ˈvā-shən \

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)
— compare accord 3, substituted contract at contract

Origin and Etymology of novation

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


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