Definition of "defeasance" []

• A rendering void; an annulment. (noun)
• The voiding of a contract or deed. (noun)
• A clause within a contract or deed providing for annulment. (noun)

American Heritage(R) Dictionary of the English Language, Fifth Edition. Copyright (c) 2011 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

• "Yesterday's term was defeasance, which is defined as:"
• "The Bush administration argues that the transit systems never get their hands on any funds because of defeasance."
• "In a municipal defeasance program, a state or local government issues new debt to refund older debt with higher interest costs."