Defalcation definition:
1. Defaulting on a debt or other obligation such to account for public or trust funds. Usually used in the context of public officials. 2.
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Defalcation
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Defalcation
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Defalcation also signifies the act of a defaulter. The bankrupt act of 1841 (now repealed), declares that a person who owes debts which have been created in consequence of a defalcation as a public officer, or as executor, administrator, ...
Defalcation
Misappropriation of money, or the amount misappropriated.
Defalcation. Latin diffalcare, to abate, deduct, take away. 1. Reduction of a claim by allowance of a counter-claim. 2. Misappropriation of trust funds - by a public or corporate officer.
DEFALCATION, practice, contracts. The reduction of the claim of one of the contracting parties against the other, by deducting from it a smaller claim due from the former to the latter.
Defalcation
Definition - Noun
[earlier, deduction, lessening, shortcoming, from Medieval Latin defalcatio discounting of debt, from defalcare to cut down, deduct, from Latin de- away from + falc-, falx sickle] ...
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