See Also: defalcation(dictionary)
DEFALCATION, practice, contracts(law)

defalcation (iou)



defalcation noun. LME.
[medieval Latin defalcatio(n-), formed as DEFALCATE: see -ATION.]
The action of cutting off or subtracting; a deduction. LME-M19.
Reduction of a whole by taking away a part, spec. of an account etc. by an amount set against it. L15-M19.
Diminution suffered or sustained. arch. M17.
Falling away, defection; shortcoming, failure. M18.
(An act of) misappropriation of money or other property by a person to whom it is entrusted; sing. & (usu.) in pl., an amount misappropriated. M19.