defeasance
- The termination of a property interest when a certain condition, as specified in a deed or will, is fulfilled
- A document or legal instrument that establishes a specific condition, upon which a property interest will be terminated
- The act of rendering something null or invalid
- The defeasance clause in the contract stipulated that the property interest would dissolve after ten years.
- As outlined in the defeasance, upon the owner's passing, the property would revert back to the bank.
- The judge enacted a defeasance to make the previous decision null and void.
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