defalcation

defalcation (dee-fal-kay-sh[schwa]n), n.

1. EMBEZZLEMENT.

2. Loosely, the failure to meet an obligation; a nonfraudulent default.

3. Archaic. A deduction; a setoff. — defalcate (di-fal-kayt or dee-), vb. — defalcator, n.

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