NOVATION
novation
(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
Source: WordNet® 3.1
Etymology
Noun
novation (countable and uncountable, plural novations)
(legal) 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.
(legal) A new contract between the original contracting parties whereby the first obligation is extinguished and a new obligation is substituted.
Source: Wiktionary
No*va"tion, n. Etym: [L. novatio; novus new: cf. F. novation.]
1. Innovation. [Obs.] I shall easily grant that novations in religion are a main cause of distempers in commonwealths. Laud.
2. (Law)
Definition: A substitution of a new debt for an old one; also, the remodeling of an old obligation.
Source: Webster’s Unabridged Dictionary 1913 Edition
Recent Word Finds
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BACK
(adverb) at or to or toward the back or rear; “he moved back”; “tripped when he stepped backward”; “she looked rearward out the window of the car”
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