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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
Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009, 2012
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11
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