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Defeasance (or defeazance) (French: défaire, to undo), in law, is an instrument which defeats the force or operation of some other deed or estate; as distinguished from condition, that which in the same deed is called a condition is a defeasance in another deed. [1] The term is used in several contexts in finance, including: [2]
Advance Refundings Resulting in Defeasance of Debt: Mar. 1987: Amended by GASBS 14, 34, and 86; Partially superseded by GASBS 34; 8. Applicability of FASB Statement No. 93,"Recognition of Depreciation by Not-for-Profit Organizations," to Certain State and Local Governmental Entities: Jan 1988: Superseded by GASBS 35; 9.
A defeasible estate is created when a grantor transfers land conditionally. Upon the happening of the event or condition stated by the grantor, the transfer may be void or at least subject to annulment.
The statement explained that a bond defeasance is a process that sets aside and invests the remaining bond dollars in escrow to ensure that the principal and interest payments on the bonds are ...
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STATE OF COLORADO Department of State 1700 Broadway Suite 200 Denver, CO 80290 Scott Gessler Secretary of State William A. Hobbs Deputy Secretary of State Main Number Administrati
Commercial mortgages often contain lockout provisions (typically a period of 1–5 years [2] where there can be no prepayment of the loan) which they can be subject to defeasance, yield maintenance and prepayment penalties to protect bondholders. European CMBS issues typically have less prepayment protection.
Historically, the most significant type of penal bond was the penal bond with conditional defeasance. A penal bond with conditional defeasance combined in one document the bond (the promise to pay a specified amount of money) with the contractual obligation.