DEFEASANCE CLAUSE Definition

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DEFEASANCE CLAUSE is the clause in a mortgage that permits the mortgagor to redeem his or her property upon the payment of the obligations to the mortgagee.

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CARNET is a customs document which permits you to send or carry merchandise into a country duty and tax free for a short period, for use as samples or as display merchandise in a trade show, for example.

MILLAGE is a rate (as of taxation) expressed in mills per dollar.

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