defeasance
Defeasance can be best described as an annulment or abrogation . This term is used more in property law where it can mean terminating an estate or status with a conditional limitation. In other words, defeasance means a condition in which fulfillment of that specific condition will result in the voiding of the deed . A contractual proviso containing such a condition would be called a defeasance clause.
[Last reviewed in March of 2022 by the Wex Definitions Team ]
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