from The American Heritage® Dictionary of the English Language, 4th Edition
- n. Law Substitution of a new obligation for an old one.
from Wiktionary, Creative Commons Attribution/Share-Alike License
- n. 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. A new contract between the original contracting parties whereby the first obligation is extinguished and a new obligation is substituted.
from the GNU version of the Collaborative International Dictionary of English
- n. Innovation.
- n. A substitution of a new debt for an old one; also, the remodeling of an old obligation; debt restructuring.
from The 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.
from WordNet 3.0 Copyright 2006 by Princeton University. All rights reserved.
- 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
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)
Latin novatio < novus ("new"). Compare novel, novelty. (Wiktionary)