American Heritage® Dictionary of the English Language, Fourth Edition
- n. Law Substitution of a new obligation for an old one.
Century Dictionary and Cyclopedia
- n. The introduction of something new; innovation.
- n. A revolution.
- n. In law, the substitution of a new obligation for an old one, usually by the substitution of a new debtor or of a new creditor. The term, however, is sometimes used of the substitution of a new obligation between the original parties, as the substitution of a bill of exchange for a right of action arising out of a contract of sale, though this is more commonly called
mergeror extinguishment. While in an assignment the old claim merely passes into other hands, in a novation there is a new claim substituted for it. The term is derived from the Roman law, where it was of great importance, because assignment of claims did not exist. It is possible by one novation to extinguish several obligations: as, if A owes a debt to B, B to C, and C to D, and it is agreed that A shall pay D in satisfaction of all, this promise, if consented to by all parties, extinguishes all the other claims, even though not performed.
- n. law 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.
- n. law A new contract between the original contracting parties whereby the first obligation is extinguished and a new obligation is substituted.
GNU Webster's 1913
- n. obsolete Innovation.
- n. (Law) A substitution of a new debt for an old one; also, the remodeling of an old obligation; debt restructuring.
- 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
- Latin novatio < novus ("new"). Compare novel, novelty. (Wiktionary)
- Late Latin novātiō, novātiōn-, from Latin, a renewing, from novātus, past participle of novāre, to make new, from novus, new. (American Heritage® Dictionary of the English Language, Fourth Edition)
“In other cases, the person said, they were asking Credit Suisse to take over derivatives trades where the funds had exposure to European banks, a process called novation.”
“Last week's term was novation, which is defined as:”
“These so-called novation requests picked up sharply on Tuesday, March 11, as word spread among hedge-fund traders and brokers that Bear Stearns might not be able to pay what it owed to trading partners in swaps trades, according to the Bear Stearns trading records and hedge-fund managers.”
“Deutsche Bank agreed to many of these so-called novation requests, but charged more than usual to do so.”
“Yesterday's term was novation, which is defined as:”
“FinNode Japan was established only a novation is a biological method for clean - strategic commitment.”
“Barclays declined to comment on its arrangement with AIG, which is known as a "novation" in the world of derivatives.”
“We look for three key words: in novation, vibrancy and diversity," said Ms. Holy, adding that "diversity" extends to matters geographic, cultural, ethnic and artistic.”
“A novation may change one of the parties to the contract or the duties that must be performed by the original parties.”
“This band receives a standing novation every night.”
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