Defeasance
A clause or condition in a deed, lease, or other instrument that, upon performance, renders the instrument void.
Encyclopedia entry: Defeasance
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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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Encyclopedia content from Cornell LII Wex (CC-BY-NC-SA 2.5).
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This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.