Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
common-defeasance bond
See penal bond under BOND (2).
common-defeasance bond.
See penal bond.
defeasance
n. 1. An annulment or abrogation; VOIDANCE. 2. The fact or an instance of bringing an estate or status to an end, esp. by conditional limitation. 3. A condition upon the fulfillment of which a deed or other instrument is defeated or made void; a contractual provision containing such a condition. - Also termed defeasance clause. 4. Hist. A collateral deed made simultaneously with a conveyance and containing a condition by which the main deed might be defeated or made void. - Also spelled defeazance. - defease, ub "A defeazance is a collateral deed, made at the same time with a feoffment or other conveyance, containing certain conditions, upon the performance of which the estate then created may be defeated or totally undone." 2 William Blackstone, Commentaries on the Laws of England 327 (1766).
defeasance clause
A mortgage provision stating that the conveyance to the mortgagee will be ineffective if the mortgagor pays the debt on time.