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Re-tried and re-tried nothing works. The workaround is to uninstall and then reinstall OneNote. Unfortunately, OneNote is one of the built in applications and cannot be removed using Apps & Features in SYSTEM settings. To uninstall, drop to PowerShell with elevated/administrative privileges and run the following:
Once removed, open Store (Windows Store application) then install OneNote. Launching OneNote should now ask for new credentials. Have fun!