Meaning of novation

no•va•tion

Pronunciation: (nō-vā'shun), [key]
— n.
  1. the substitution of a new obligation for an old one, usually by the substitution of a new debtor or of a new creditor.
  2. the introduction of something new; innovation.
Random House Unabridged Dictionary, Copyright © 1997, by Random House, Inc., on Infoplease.
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