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 ?
Just over $63 billion of that figure was eligible for either defeasance or for incurring supplemental debt.
A unique aspect of this defeasance was the use of Agency for International Development (AID) bonds that saved The Groves $100,000 on the cost of the defeasance compared to a portfolio of traditional agency bonds, such as Fannie Mac and Freddie Mac securities.
"While the conclusion may seem intuitive, our report quantifies and demonstrates the relationships [among] changes in property value, delinquency and defeasance."
Defeasance is a substitution of collateral in which a portfolio of government securities replaces the real estate as the collateral for a commercial loan.
Defeasance is the preferred form of call protection for fixed-rate conduit/commercial mortgage-backed securities (CMBS) loans.
The defeasance was accomplished in connection with a sale of a portfolio of apartment properties totaling $81,500,000.
Most of these new transactions will depend on the defeasance of their existing loan.
The defeasance included five loans secured by multifamily properties located in North and South Carolina.
Stephen Cravitz, Vice President for SJS Realty Management, Inc., said "This was our second defeasance with Commercial Defeasance.