Definitions for "Defalcation"
Default
1. Defaulting on a debt or other obligation by one who has to account for public or trust funds. Usually used in the context of public officials. 2. Defalcation has another legal meaning, referring to the setting-off of two debts owed between two people by the agreement to a new amount representing the balance. For instance, A owes $10 to B and B owes A $3; they agree to "defalk" , resulting in A now owing $7 to B. The two previous debt instruments are canceled and replaced by the new one. See also "novation".
Defaulting on a debt or other obligation such to account for public or trust funds. Usually used in the context of public officials. Defalcation has another legal meaning referring to the setting-off of two debts owed between two people by the agreement to a new amount representing the balance. I owe you $7 and you owe me $3; we agree to "defalk"; the result is that I owe you $4. This is a type of novation.
A lopping off; a diminution; abatement; deficit. Specifically: Reduction of a claim by deducting a counterclaim; set- off.
That which is lopped off, diminished, or abated.
An abstraction of money, etc., by an officer or agent having it in trust; an embezzlement.
Same as Embezzlement.
To misuse or embezzle funds.
Misappropriation of Money.
the sum of money that is misappropriated
Stealing of money.
Defalcation is a term used by the United States Bankruptcy Code to describe a category of bad acts that taint a particular debt such that it cannot be discharged in bankruptcy. The division is different from both criminal and civil rules describing permitted and unpermitted acts. Thus, parking fines garnered through illegal parking are generally dischargeable, but fines levied as part of a criminal conviction for drug trafficking generally are not.
the fraudulent appropriation of funds or property entrusted to your care but actually owned by someone else