The Collaborative International Dictionary of English v.0.48:

Devest \De*vest"\, v. t. [imp. & p. p. Devested; p. pr. & vb.
   n. Devesting.] [L. devestire to undress; de + vestire to
   dress: cf. OF. devestir, F. d['e]v[^e]tir. Cf. Divest.]
   1. To divest; to undress. --Shak.
      [1913 Webster]

   2. To take away, as an authority, title, etc., to deprive; to
      alienate, as an estate.
      [1913 Webster]

   Note: This word is now generally written divest, except in
         the legal sense.
         [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

Devest \De*vest"\, v. i. (Law)
   To be taken away, lost, or alienated, as a title or an
   estate.
   [1913 Webster]