- 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 introduction of something new; innovation.
- law the substitution of a new obligation for an old one by mutual agreement between the parties, esp of one debtor or creditor for another
- an obsolete word for innovation
n.“replacement of an old obligation by a new one,” 1530s, from Latin novationem (nominative novatio) “a making new, renewal,” noun of action from past participle stem of novare “make new,” from novus “new” (see new).