noun[mass noun] Law
1The action or process of rendering something null and void.
- 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.
- 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.
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