Business, Legal & Accounting Glossary
n. an antiquated word for a document which terminates the effect of an existing writing such as a deed, bond or contract if some event occurs.
A clause in a deed, lease, will or another legal document that completely or partially negates the document if a certain condition occurs or fails to occur. Defeasance also means the act of rendering something null and void. For example, a will may provide that a gift of property is defeasable — that is, it will be void — if the beneficiary fails to marry before the willmaker’s death.
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This glossary post was last updated: 27th April, 2020 | 0 Views.