Defalcation meaning

dēfalkā′shən, dēfôlkā′shən
Embezzlement.
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The amount embezzled.
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The theft or misuse of funds, generally refers to improper use of money by government official or private trustee.
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(law) The act of cancelling part of a claim by deducting a smaller claim which the claimant owes to the defendant.
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Origin of defalcation

Late 15th century, from Medieval Latin dēfalcātiōnem, accusative singular of dēfalcātiō (literally “cutting off, lopping off with a sickle”), nominalization of dēfalcō, from Latin dē (“off”) + falx (“sickle, scythe, pruning hook”), from which also English falcate (“sickle-shaped”).