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Glossary   >   N   >   "Novation" Definition            Novation Defeasance whereby the firms debt is canceled. 1.The act of replacing one participating member of a contract with another. Glossary    Dictionary Search (powered by Google) WWW ITLOCUS.COM GLOSSARY.ITLOCUS.COM Translate a web page (powered by Google)      to German Spanish French Italian Portuguese Japanese Korean Chinese

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Novation - Defeasance whereby the firms debt is canceled.

1.The act of replacing one participating member of a contract with another.