The definition of a moratorium is an authorized delay in an activity or obligation.
An example of a moratorium is a deferment on the payback on loans.
nounpl. -·ri·ums or -·ria
- a legal authorization, usually by a law passed in an emergency, to delay payment of money due, as by a bank or debtor nation
- the effective period of such an authorization
- any authorized delay or stopping of some specified activity
Origin of moratoriumModern Latin from neuter of Late Latin moratorius, delaying from Classical Latin morari, to delay from mora, a delay: see merit
nounpl. mor·a·to·ri·ums, or mor·a·to·ri·a
- Law a. A lawful suspension of the payment of certain debts during a period of financial or civil distress.b. The period during which such a suspension occurs.
- A suspension of an ongoing or planned activity: a moratorium on timber cutting.
Origin of moratoriumFrom Late Latin morātōrium neuter of morātōrius delaying from Latin morātus past participle of morārī to delay from mora delay
(plural moratoriums or moratoria)