NOVATE

novate

(verb) replace with something new, especially an old obligation by a new one

Source: WordNet® 3.1

Etymology

Verb

novate (third-person singular simple present novates, present participle novating, simple past and past participle novated)

To replace something with something new

(legal) To replace a contract (especially a financial contract) with one or more new contracts.

Source: Wiktionary

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