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novation

[noh-vey-shuh n] /noʊˈveɪ ʃən/
noun
1.
Law. the substitution of a new obligation for an old one, usually by the substitution of a new debtor or of a new creditor.
2.
the introduction of something new; innovation.
Origin
1525-1535
1525-35; < Latin novātiōn- (stem of novātiō) a renewing, equivalent to novāt(us) (past participle of novāre to renew, derivative of novus new) + -iōn- -ion
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Based on the Random House Dictionary, © Random House, Inc. 2014.
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British Dictionary definitions for novation

novation

/nəʊˈveɪʃən/
noun
1.
(law) the substitution of a new obligation for an old one by mutual agreement between the parties, esp of one debtor or creditor for another
2.
an obsolete word for innovation
Word Origin
C16: from Late Latin novātio a renewing, from Latin novāre to renew
Collins English Dictionary - Complete & Unabridged 2012 Digital Edition
© William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
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Word Origin and History for novation
n.

"replacement of an old obligation by a new one," 1530s, from Latin novationem (nominative novatio) "a making new, renewal," noun of action from past participle stem of novare "make new," from novus "new" (see new).

Online Etymology Dictionary, © 2010 Douglas Harper
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