Examples of novation in a Sentence
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The contract novation will be subject to the consent of FSA.
—
Adam S. Minsky, Forbes, 28 Sep. 2021
That new student loan servicer — which collects student loan payments and manages customer service for student loans — may be a company called Maximus, with whom Navient signed a novation agreement to transfer servicing.
—Zack Friedman, Forbes, 29 Sep. 2021
Under the rules in six large EU member states analysed by the International Swaps and Derivatives Association (ISDA), a global trade body, novations and compressions would be considered regulated activities.
—The Economist, 12 Oct. 2017
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Adam S. Minsky, Forbes, 28 Sep. 2021
That new student loan servicer — which collects student loan payments and manages customer service for student loans — may be a company called Maximus, with whom Navient signed a novation agreement to transfer servicing.
—Zack Friedman, Forbes, 29 Sep. 2021
Under the rules in six large EU member states analysed by the International Swaps and Derivatives Association (ISDA), a global trade body, novations and compressions would be considered regulated activities.
—The Economist, 12 Oct. 2017
Cite this Entry
“Novation.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/novation. Accessed 9 Mar. 2025.
Copy CitationLegal Definition
novation
noun
no·va·tion
nō-ˈvā-shən 
: the substitution by mutual agreement of one obligation for another with or without a change of parties and with the intent to extinguish the old obligation
no evidence that the contract was assigned, or that there was a novation—Boccardi v. Horn Constr. Corp., 612 N.Y.S.2d 180 (1994)
compare accord sense 3, substituted contract at contract
Boccardi v. Horn Constr. Corp., 612 N.Y.S.2d 180 (1994)Etymology
Late Latin novatio renewal, legal novation, from Latin novare to make new, from novus new
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