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What is a defeasance?

What is a defeasance? Here are some definitions.

Noun
  1. (now rare) Destruction, defeat, overthrow.
  2. (US, law) The rendering void of a contract or deed; an annulment; to abrogate.
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Examples
Uncertainty in the stranded debt from electricity sector restructuring arises from the numerous estimates and assumptions made about the future defeasance of this debt.
Changes in total domestic debt and loans include defeasance transactions.
It does look as if it is to aid the taxpayer though, does it not, because it is then subject to defeasance, if you like, under itself.
It exists only at the sufferance of Congress and is subject to complete defeasance.
This condition is known as the defeasance because it defeats or undoes the bond.
Many conduit loans made in the '90s are now subject to defeasance as the only method to unlock equity in real estate property.

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