This word is acceptable for play in the US & UK dictionaries that are being used in the following games:

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v. To replace something with something new

v. To replace a debt or other obligation

To make new; renovate; specifically, in law, to substitute a new obligation for an old one. See novation, 3.

v. replace with something new, especially an old obligation by a new one

"Customers, usually hedge funds, mostly use email to ask dealers for consent to "novate," a practice that is time-consuming and risky because dealers are obliged to read each email before making a decision."

replace   

novation