no·va·tion /nō-'vā-shən/ n [Late Latin novatio renewal, legal novation, from Latin novare to make new, from novus new]: the substitution by mutual agreement of one obligation for another with or without a change of parties and with the intent to extinguish the old obligation
no evidence that the contract was assigned, or that there was a novationBoccardi v. Horn Constr. Corp., 612 N.Y.S.2d 180 (1994) compare accord 3 substituted contract at contract

Merriam-Webster’s Dictionary of Law. . 1996.

noun complete substitution, exchange, replacement, substitution associated concepts: novation of a contract

Burton's Legal Thesaurus. . 2006

The replacement of an old contract with a new one, usually substituting a new party for one of the original ones.

The Essential Law Dictionary. — Sphinx Publishing, An imprint of Sourcebooks, Inc. . 2008.

in English law, an agreement between at least three parties allowing an original contracting party to be released and another party to be brought in as obligant. It is a commonly used method of rescheduling loans.
In the law of contract in Scotland, novation is the discharge of a contract by the substitution of a fresh obligation between the same parties.

Collins dictionary of law. . 2001.

The voluntary substitution of a new contract for an old one, usually to change the parties, duties, or payment terms.
Category: Business, LLCs & Corporations → Self-Employed Consultants & Contractors

Nolo’s Plain-English Law Dictionary. . 2009.

A three way contract which extinguishes a contract and replaces it with another contract in which a third party takes up the rights and obligations which duplicate those of one of the original parties to the agreement. consideration must be provided for this new contract.
Related links
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The substitution of one party for another party under an existing contract or the substitution of an obligation for another obligation. A novation typically requires the consent of all parties involved.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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

Webster's New World Law Dictionary. . 2000.

The substitution of a new contract for an old one. The new agreement extinguishes the rights and obligations that were in effect under the old agreement.

Dictionary from West's Encyclopedia of American Law. 2005.

The substitution of a new contract for an old one. The new agreement extinguishes the rights and obligations that were in effect under the old agreement.

Short Dictionary of (mostly American) Legal Terms and Abbreviations.

   agreement of parties to a contract to substitute a new contract for the old one. It extinguishes (cancels) the old agreement. A novation is often used when the parties find that payments or performance cannot be made under the terms of the original agreement, or the debtor will be forced to default or go into bankruptcy unless the debt is restructured. While voluntary, a novation is often the only way any funds can be paid.
   See also: accord and satisfaction

Law dictionary. . 2013.

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Look at other dictionaries:

  • novation — [ nɔvasjɔ̃ ] n. f. • 1307; bas lat. novatio, de novare « renouveler », rad. novus 1 ♦ Substitution d une obligation ancienne, soit par changement de créancier, de débiteur, soit par changement d objet ou de cause. 2 ♦ (1548, repris XXe) Rare… …   Encyclopédie Universelle

  • Novation — (von lat. novatio, Genitiv –onis) bedeutet (Er )Neuerung→Neuerungsvertrag Im österreichischen und deutschen Schuldrecht versteht man darunter eine Schuldersetzung in inhaltlicher Hinsicht, durch die die Parteien entweder eine Änderung des… …   Deutsch Wikipedia

  • Novation — No*va tion, n. [L. novatio; novus new: cf. F. novation.] 1. Innovation. [Obs.] [1913 Webster] I shall easily grant that novations in religion are a main cause of distempers in commonwealths. Laud. [1913 Webster] 2. (Law) A substitution of a new… …   The Collaborative International Dictionary of English

  • Novation — (v. lat.), jedes Rechtsgeschäft, wodurch eine bisherige Verpflichtung aufgehoben u. an deren Stelle eine neue gesetzt wird. Dies geschieht entweder so, daß der bisherige Schuldner u. Gläubiger unverändert bleiben (Novatio simplex); od. so, daß an …   Pierer's Universal-Lexikon

  • Novation — (lat., Neuerung, Umwandlung), im juristischen Sinne die Aufhebung einer bestehenden Verbindlichkeit durch Begründung einer neuen, die an die Stelle der bisherigen tritt. Es kommen z. B. Gläubiger und Schuldner dahin überein, aus einer… …   Meyers Großes Konversations-Lexikon

  • Novation — Novatiōn (lat.), Neuerung, Tilgung einer Rechtsverbindlichkeit dadurch, daß eine neue an ihre Stelle tritt …   Kleines Konversations-Lexikon

  • Novation — Novation, lat. deutsch, Abänderung eines alten Rechtsgeschäftes durch ein neues, das an dessen Stelle tritt u. jenes aufhebt. Also wenn für den bisherigen Schuldner ein anderer eintritt u. der Gläubiger den letztern mit Entlassung des erstern… …   Herders Conversations-Lexikon

  • novation — (n.) replacement of an old obligation by a new one, 1530s, from L. novationem (nom. novatio) a making new, renewal, noun of action from pp. stem of novare make new, from novus new (see NEW (Cf. new)) …   Etymology dictionary

  • novation — [nō vā′shən] n. [LL novatio < L novare, to make new < novus, NEW] Law the substitution of a new obligation or contract for an old one by the mutual agreement of all parties concerned …   English World dictionary

  • Novation — This article is about the legal term. For the keyboard manufacturer, see Novation Digital Music Systems. For the former modem manufacturer, see Novation CAT. For the Fringe television episode, see Novation (Fringe) …   Wikipedia

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