defeasance

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defeasance

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.

defeasance

noun abolishment, abolition, annulment, breakup, canceling, cancellation, cessation, close, conclusion, deprivation, disallowance, discharge, discontinuance, disendowment, disestablishment, dissolution, end, end of the matter, ending, expiration, finish, invalidation, limit, negation, nullification, ousting, recall, removal, repeal, rescindment, rescission, retractation, retraction, reversion, revocation, revokement, stoppage, suppression, undoing, vacation, voidance, windup, withdrawal
Associated concepts: condition, defeasance clause, defeaaance of contract, defeasance of title, defeasible estate
See also: abolition, annulment, countermand, discharge, discontinuance, dissolution, repudiation, rescision, revocation, termination

defeasance

the act or process of rendering null and void; annulment. May also refer to a condition, the fulfilment of which renders a deed void or the document containing such a condition. See more especially VESTING.

DEFEASANCE, contracts, conveyancing. An instrument which defeats the force or operation of some other deed or estate. That, which in the same deed is called a condition, in another deed is a defeasance.
     2. Every defeasance must contain proper words, as that the thing shall be void. 2 Salk. 575 Willes, 108; and vide Carth. 64. A defeasance must be made in eodem modo, and by, matter as high as the thing to be defeated; so that if one be by deed) the other must also be by deed. Touchs. 397.
     3. It is a general rule, that the defeasance shall be a part, of the same transaction with the conveyance; though the defeasance may be dated after the deed. 12 Mass. R. 13 Pie P. 413 1 N. 11. Rep. 41; but see 4 Yerg. 57, contra. Vide Bouv. Inst. Index, h.t.; Vin. Ab. h.t.; Com. Dig. h.t.; Id. Pleader, 2 W 35, 2 W 37; Lilly's Reg. h.t.; Nels. Ab. h.t.; 2 Saund. 47 n, note 1; Cruise, Dig. tit. 32, c. 7,, s. 25; 18 John. R. 45; 9 Wend. R. 538; 2 Mass. R. 493.

References in periodicals archive ?
Adam Coleman, Deal Manager with Commercial Defeasance, said, "By carefully reviewing the loan documents and finding that these agency securities were eligible and available, we were able to provide additional savings for The Groves.
While the conclusion may seem intuitive, our report quantifies and demonstrates the relationships [among] changes in property value, delinquency and defeasance.
Our goal is to simplify the defeasance, so buyers and sellers are able to concentrate on their purchase and sale transactions with complete confidence that the defeasance will close on time.
8 million to a defeasance client as part of Chatham's defeasance value-sharing program.
Defeasance is the preferred form of call protection for fixed-rate conduit/commercial mortgage-backed securities (CMBS) loans.
The company actively manages all aspects of the 30 day defeasance process, so borrowers and their attorney and broker can focus on the related real estate transaction with confidence that the defeasance will close on time.
Debt service coverage was boosted in fiscals 2004 through 2006 through the corporation's use of a debt service defeasance program, with net debt service coverage equaling 1.
Fitch has already reviewed 115 defeasance requests representing $4.
Defeasance is a substitution of collateral for a commercial loan in which a portfolio of government securities replaces the real estate as the collateral.
LA-based firm brings welcome transparency to mortgage defeasance transactions for borrowers in the CMBS defeasance market; Deals cover broad span of real estate assets and borrowers
Most of these new transactions will depend on the defeasance of their existing loan.
The defeasance plan is legally permitted under the indenture.