defalcation

[dee-fal-key-shuhn, -fawl-]
noun Law.
1.
misappropriation of money or funds held by an official, trustee, or other fiduciary.
2.
the sum misappropriated.

Origin:
1425–75; late Middle English: deduction from wages (< Middle French) < Medieval Latin dēfalcātiōn- (stem of dēfalcātiō) a taking away, equivalent to dēfalcāt(us) (see defalcate) + -iōn- -ion

nondefalcation, noun
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World English Dictionary
defalcate (ˈdiːfælˌkeɪt)
 
vb
(intr) law to misuse or misappropriate property or funds entrusted to one
 
[C15: from Medieval Latin dēfalcāre to cut off, from Latin de- + falx sickle]
 
defal'cation
 
n
 
'defalcator
 
n

Collins English Dictionary - Complete & Unabridged 10th Edition
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Etymonline
Word Origin & History

defalcation
late 15c., from M.L. defalcationem, from defalcare, from de- + L. falx, falcem "sickle, scythe, pruning hook."
Online Etymology Dictionary, © 2010 Douglas Harper
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Example sentences
To trigger the defalcation provision in that statute, a debtor must hold funds in a trust for the benefit of a third party.
Defalcation is a failure to account for funds entrusted to a fiduciary.
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