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novation
(redirected from novates)

    Also found in: Dictionary/thesaurus, Legal, Wikipedia 0.05 sec.
Novation
Defeasance whereby the firm's debt is cancelled.
novation
The substitution of one debt with another debt.
novation

The substitution of a new contract, debt, or obligation for an existing one. Usually encountered when a tenant assigns the lease to another,or when a new building owner requires all existing tenants to execute novation agreements.The effect is to extinguish all obligations under the old agreements and replace them with the new obligations.



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