Novation

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Novation

 

in civil law, an agreement between parties to substitute one obligation for another. Under Soviet law, novation is used in relations between citizens and between socialist organizations, most often in credit relations.

References in periodicals archive ?
Furthermore, Polyusa[euro](tm) Jenington International Inc unit will novate the loans it had made to Kazakhaltyn for an aggregate sum of USD290m.
The buyer plans to novate the outstanding liabilities to a new cell within its Bermuda subsidiary R&Q Quest (SAC) Limited in exchange for a fee from Trimac group.
In June 2011, Fitch was notified of a proposal to novate the hedge counterparty to Wells Fargo.