AskDefine | Define defeasance

User Contributed Dictionary

English

Noun

defeasance
  1. , the rendering void of a contract or deed; an annulment

Extensive Definition

A defeasance, or defeazance (Fr. défaire, to undo), in law, is an instrument which defeats the force or operation of some other deed or estate; as distinguished from a condition— that which in the same deed is called a condition is a defeasance in another deed. A defeasance should recite the deed to be defeated and its date, and it must be made between the same parties as are interested in the deed. It must be of a thing defeasible, and all the conditions must be strictly carried out before the defeasance can be consummated.
Defeasance in a bill of sale is the putting of an end to the security by realizing the goods for the benefit of the mortgagee. It is not strictly a defeasance, because the stipulation is in the same deed; it is really a condition in the nature of a defeasance.

References

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