Comparative law notes
replacing an original obligation with a new one
There are multiple definitions - click on the translation that matches your context.
novación
full
novation
noun
Definitions of novation
the replacement of an existing contract with a new one so that either 1. an existing obligation is replaced with a new one, or 2. a party is added to a new contract who was not party under the old contract
After novation, the company assumed liability for the contracts entered into by Ranger Ltd.