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.
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.
Defeasance is a substitution of collateral in which a portfolio of government securities replaces the real estate as the collateral for a commercial loan.
While the conclusion may seem intuitive, our report quantifies and demonstrates the relationships [among] changes in property value, delinquency and defeasance.
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.
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.
Known industry-wide by its slogan "Defease with Ease," Commercial Defeasance has developed a strategic network of legal and financial professionals that provide the complete defeasance package at the lowest costs and with the fastest executions.
Commercial Defeasance, LLC recently structured and closed a $13,300,000 defeasance transaction on behalf of an affiliate of New Jersey based SJS Realty Management, Inc.
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.
The defeasance was accomplished in connection with a sale of a portfolio of apartment properties totaling $81,500,000.