Extinguishment Definition and Legal Meaning
On this page, you'll find the legal definition and meaning of Extinguishment, written in plain English, along with examples of how it is used.
What is Extinguishment?
n. A right’s cancellation because the enforcement time has passed. For example: waiting for more than four years after a due date to make a payment demand of a promissory note eliminates the person’s right to collect the money that is due. Extinguishment can also occur by fulfilling an obligation so that additional money or performance is not due.