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defease

[dih-feez]

de·fease

[dih-feez]
verb (used with object), -feased, -feas·ing.
to defeat or annul (a contract, deed, etc.).

Origin:
1470–80; back formation from defeasance
Dictionary.com Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2012.
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Defease is one of our favorite verbs.
So is lollygag. Does it mean:
to steal or take dishonestly (money, esp. public funds, or property entrusted to one's care); embezzle.
to spend time idly; loaf.
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