defeasance clause

defeasance clause. A mortgage provision stating that the conveyance to the mortgagee will be ineffective if the mortgagor pays the debt on time. See DEFEASANCE(3). [Cases: Mortgages 33. C.J.S. Mortgages §§ 22, 27, 30–34.]
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资深译员Daniel,国际知名法学院法律英语专业,擅长翻译涉及工程与建设领域的法律文件。
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