Definition of novation Novation
no•va•tion
We found 6 definitions of novation from 4 different sources.
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What does novation mean?
WordNet
NounPlural: novations |
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| novation - (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 | ||
| replacing, replacement the act of furnishing an equivalent person or thing in the place of another; "replacing the star will not be easy" | ||
| jurisprudence, law the branch of philosophy concerned with the law and the principles that lead courts to make the decisions they do | ||
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Wiktionary 
- novation (Noun)
Replacement of a contract with one or more new contracts, in particular in financial markets the replacement of a contract between a particular buyer and seller with contracts between the clearing house and each party. - novation (Noun)
A new contract between the original contracting parties whereby the first obligation is extinguished and a new obligation is substituted.
Webster DictionaryWebster's Unabridged Dictionary 📘
- novation (n.)
Innovation. - novation (n.)
A substitution of a new debt for an old one; also, the remodeling of an old obligation.
Chambers DictionaryChamber's 20th Century Dictionary 📕
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novation
nō-vā′shun, n. the substitution of a new obligation for the one existing: innovation
