defeasance
Voiding a deed
Defeasance is a legal term for the annulment or voiding of a contract or deed upon the fulfillment of specified conditions.
In finance, defeasance allows a borrower to remove debt from their balance sheet by setting aside sufficient funds or securities to cover future payments: The company used defeasance to retire the bonds early.
The underlying idea is that an obligation can be defeated or rendered void.
Declared void from start
- rescissionFormal annulment of agreements
- revocationOfficial cancellation of privilege
- abrogationAbolition of a law
- invalidationAct of nullifying
repeal · voiding · cancellation · dissolution · extinguishment · vacatur · quashing · undoing
Secured home loan
- lienClaim securing debt
- collateralSecurity for debt
- securityProtection from threat
- dischargeRelease of substance outward
release · reconveyance · encumbrance · deed · indenture · satisfaction · rescission · annulment
Provision in agreement
- stipulationCondition in an agreement
- contingencyUncertain possible event
- preconditionNecessary prior requirement
- prerequisiteRequired prior condition
qualification · proviso · performance · compliance · satisfaction · benchmark · criterion · terms
End of validity
- cessationA full stopping
- dischargeRelease of substance outward
- releaseTo let go
- wind-upFinal part or end
payoff · retirement · maturity · satisfaction · closure · conclusion · sunset
Conditional third-party deposit
- collateralSecurity for debt
- substitutionExchange of one for another
- portfolioCollected works or assets
- redemptionRecovery or moral restoration
prepayment · refinancing · lockout · reserve
annulment
Declared void from start
- rescissionFormal annulment of agreements
- revocationOfficial cancellation of privilege
- abrogationAbolition of a law
invalidation · repeal · voiding · cancellation · dissolution · extinguishment · vacatur · quashing · undoing · countermand
mortgage
Secured home loan
- lienClaim securing debt
- collateralSecurity for debt
- securityProtection from threat
discharge · release · reconveyance · encumbrance · deed · indenture · satisfaction · rescission · annulment · cancellation
clause
Provision in agreement
- stipulationCondition in an agreement
- contingencyUncertain possible event
- preconditionNecessary prior requirement
prerequisite · qualification · proviso · performance · compliance · satisfaction · benchmark · criterion · terms · fulfillment
expiry
End of validity
wind-up · payoff · retirement · maturity · satisfaction · closure · conclusion · sunset
escrow
Conditional third-party deposit
- collateralSecurity for debt
- substitutionExchange of one for another
- portfolioCollected works or assets
redemption · prepayment · refinancing · lockout · reserve
defeasanceratification
Formal approval by authority
validation · enactment · authorization · sanctioning · endorsement
defeasanceestablishment
Founded organization or venue
institution · founding · enactment · creation · formalization