defeasance
/dɪˈfiːzəns/
noun
- The act of annulling or rendering something void, especially a legal contract or deed.
- A clause in the mortgage allowed for defeasance if the loan was paid off early.
- The defeasance of the old contract allowed the company to negotiate a better deal.
- The lawyer explained that defeasance of the property deed would require both parties to sign.
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