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| de·fea·sance [ di fz'nss ] (plural de·fea·sanc·es) |
noun |
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| Definition: |
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1. law act of making something void: the declaration of something as null and void
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2. law legal clause: a clause in a legal document that states that, in the event of a condition being fulfilled, the document will become null and void
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3. law legal document: a document containing a defeasance
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4. finance debt negation without repayment: the irrevocable setting aside of assets for repayment of a debt without actual retirement of the debt, often for tax reasons
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| [15th century. < Old French defesance< defaire< medieval Latin disfacere (see defeat)] |
