Definition of defeasance in English:

defeasance

noun

Law
  • 1The action or process of rendering something null and void.

    • ‘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.’
    • ‘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.’
    • ‘However, a defeasance is not a permitted remedial action if it does not satisfy the 10 year limitation on defeasances.’
    • ‘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.’
    cancellation, revocation, rescindment, reversal, abrogation, retraction, invalidation, nullification
    View synonyms
    1. 1.1A clause or condition which, if fulfilled, renders a deed or contract null and void.

Origin

Late Middle English (as a legal term): from Old French defesance, from defaire, desfaire undo (see defeat).

Pronunciation:

defeasance

/dəˈfēzəns/