meaning of defalcation
1. A lopping off; a diminution; abatement; deficit. Specifically: Reduction of a claim by deducting a counterclaim; set- off.
2. That which is lopped off, diminished, or abated.
3. An abstraction of money, etc. , by an officer or agent having it in trust; an embezzlement.
4. the fraudulent appropriation of funds or property entrusted to your care but actually owned by someone else
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