One of the mysteries of the English language finally explained.
1The action or process of rendering something null and void.
cancellation, revocation, rescindment, reversal, abrogation, retraction, invalidation, nullificationView synonyms
- ‘Conduit loan defeasances are highly structured transactions with certain unique requirements.’
- ‘As conduit loans have become increasingly popular financing vehicles in the commercial mortgage market, defeasances of these loans have become relatively common transactions, as well.’
- ‘It does look as if it is to aid the taxpayer though, does it not, because it is then subject to defeasance, if you like, under itself.’
- ‘It is a condition subsequent, which provides for defeasance in the event that there are further assets are discovered, whether or not the couple knew about them.’
- ‘However, a defeasance is not a permitted remedial action if it does not satisfy the 10 year limitation on defeasances.’
- 1.1count noun A clause or condition which, if fulfilled, renders a deed or contract null and void.
Late Middle English (as a legal term): from Old French defesance, from defaire, desfaire ‘undo’ (see defeat).
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