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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词条贡献者

译者大智，毕业于一所旨在培养高级翻译专业人才的翻译院校，擅长翻译各种与环境保护相关的法律文件。