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defalcation n[earlier, deduction, lessening, shortcoming, from Medieval Latin defalcatio discounting of debt, from defalcare to cut down, deduct, from Latin de- away from + falc-, falx sickle]
Source: Merriam-Webster's Dictionary of Law ©1996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.