novation Meaning, Definition & Usage

  1. 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

WordNet

No*va"tion noun
Etymology
L. novatio; novus new: cf. F. novation.
Definitions
  1. Innovation. Obs.
    I shall easily grant that novations in religion are a main cause of distempers in commonwealths. Laud.
  2. (Law) A substitution of a new debt for an old one; also, the remodeling of an old obligation.

Webster 1913