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Definition of Novation
1. 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.
Category relationships: Jurisprudence, Law
Derivative terms: Novate
Definition of Novation
1. n. Innovation.
Definition of Novation
1. Noun. (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. ¹
2. Noun. (legal) A new contract between the original contracting parties whereby the first obligation is extinguished and a new obligation is substituted. ¹
¹ Source: wiktionary.com
Definition of Novation
1. the substitution of a new legal obligation for an old one [n -S]
Lexicographical Neighbors of Novation
Literary usage of Novation
Below you will find example usage of this term as found in modern and/or classical literature:
1. The American and English Encyclopedia of Law by John Houston Merrill, Charles Frederic Williams, Thomas Johnson Michie, David Shephard Garland (1891)
"Requisites of novation, 864. 1. The Strict Rule of the Com1. Parties, 864. 2.
... 1. Substitution of Contracts, 870. IV. novation by the Substitution of ..."
2. The Law of Contracts by Samuel Williston, Clarence Martin Lewis (1920)
"In its simple form a novation may involve a change in the debtor or a change in
the creditor. If A owes Ba sum of money and there is substituted for this ..."
3. Judicial and Statutory Definitions of Words and Phrases by West Publishing Company (1904)
"In the civil law there are three kinds of novation, one of which is ... The doctrine
of novation in civil law Is but the doctrine of merger at common law. ..."
4. Principles of Contract at Law and in Equity: A Treatise on the General by Frederick Pollock, Gustavus Henry Wald, Samuel Williston (1906)
"novation. Another branch of the same general doctrine is that the debtor cannot
be allowed to substitute another person's liability for his own without the ..."
5. The Laws of Insurance: Fire, Life, Accident, and Guarantee, Embodying Cases ...by James Biggs Porter, William Feilden Craies by James Biggs Porter, William Feilden Craies (1908)
"novation AND AMALGAMATION. Definition. BY novation is meant a tripartite arrangement
whereby a debtor or person liable presently or in future, ..."
6. The Civil Code of the State of California by California, Creed Haymond, John Chilton Burch (1872)
"NOvation a contract. 1533. Rescission of novation. 1530. novation is the substitution
of a new obli- novation, gation for an existing one. 1531. ..."
7. A Law Dictionary, Adapted to the Constitution: And Laws of the United States by John Bouvier (1874)
"A novation is never presumed. If an intent to destroy the old debt be not ...
Obviously, a single creditor may make a novation with two or more debtors who ..."
8. The American Cyclopaedia: A Popular Dictionary of General Knowledge by Charles Anderson Dana (1875)
"novation, a law term introduced recently into use by English and American lawyers,
from the Roman civil law. It may be defined as the creation of a new debt ..."
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