Definition of novation

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TeachMeFinance.com - explain novation



novation -- (1) the substitution of a new debt or obligation for a previous one. (2) the substitution of a new creditor or debtor for an old creditor or debtor.



About the author

Mark McCracken

Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English".


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