novation

novation Definition

no·va·tion (nō vā′s̸hən)

noun

Law the substitution of a new obligation or contract for an old one by the mutual agreement of all parties concerned

Etymology: LL novatio < L novare, to make new < novus, new

novation Law Definition

In contract law, the replacement of an old obligation with a new one.

novation Usage Examples

Preposition: of

contract: The Act will continue to apply to a qualifying debt following an assignment or novation of the contract or the debt.
mortgage: You can do either of two operations: the subrogation and the novation of the mortgage.

Modifies a noun

agreement: Mr Marrin pointed to certain consequences that he submitted would follow if the novation agreement fell within the Act.
room: Novotel Birmingham Center boasts 94 ' New Generation ' contemporary novation rooms... .
bedroom: The hotel has been totally upgraded to a New Generation Novotel, including 138 stylish Novation bedrooms and Elements Restaurant and Bar.

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