Etymology
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novation (n.)

"replacement of an old obligation by a new one," 1530s, from Latin novationem (nominative novatio) "a making new, renewal, renovation," noun of action from past-participle stem of novare "make new, renew, make fresh," from novus "new" (see new).

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Definitions of novation

novation (n.)
(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;
From wordnet.princeton.edu