The Collaborative International Dictionary of English v.0.48:

Overtake \O`ver*take"\, v. t. [imp. Overtook; p. p.
   Overtaken; p. pr. & vb. n. Overtaking.]
   [1913 Webster]
   1. To come up with in a race, pursuit, progress, or motion;
      also, to catch up with and move ahead of.
      [1913 Webster +PJC]

            Follow after the men; and when thou dost overtake
            them, say . . . Wherefore have ye rewarded evil for
            good.                                 --Gen. xliv.
                                                  4.
      [1913 Webster]

            He had him overtaken in his flight.   --Spenser.
      [1913 Webster]

   2. Hence: To surpass in production, achievement, etc.; as,
      although out of school for half a year due to illness, the
      student returned and overtook all the others to finish as
      valedictorian.
      [PJC]

   3. To come upon from behind; to discover; to surprise; to
      capture; to overcome.
      [1913 Webster]

            If a man be overtaken in a fault.     --Gal. vi. 1
      [1913 Webster]

            I shall see
            The winged vengeance overtake such children. --Shak.
      [1913 Webster]

   4. Hence, figuratively, in the past participle (overtaken),
      drunken. [Obs.] --Holland.
      [1913 Webster]

   5. To frustrate or render impossible or irrelevant; -- used
      mostly of plans, and commonly in the phrase overtaken by
      events; as, their careful marketing plan was overtaken by
      events.
      [PJC]

WordNet (r) 3.0 (2006):

overtaking
    n 1: going by something that is moving in order to get in front
         of it; "she drove but well but her reckless passing of
         every car on the road frightened me" [syn: passing,
         overtaking]