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Potentially subject to defeat, termination, or ANNULMENT upon the occurrence of a future action or event, or the performance of a condition subsequent.

The most common legal application of the term is with respect to estates as interest in land, such as in the case of a conveyance or a life estate, which is defeasible upon the happening of a certain specified event, for example, the death of the person holding such an interest.

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Law Library - American Law and Legal InformationFree Legal Encyclopedia: Deed of covenant to Direct Tax