Something that's defeasible can be cancelled or changed. If a state law is defeasible, it's open to being annulled or declared void.
You're most likely to come across the word defeasible in legal or philosophical writing. An attorney, for example, might help a client establish a defeasible estate — this means that property or land left in a will comes with certain conditions attached. If the inheritor doesn't meet the conditions, she could lose the inheritance. In general, a defeasible law or rule is subject to change, or has built-in exceptions: "No parking (except on Sundays)."