Definitions from Black's Law Dictionary: 2nd Edition and Ballentine's Law Dictionary as are available for each term in each dictionary.
  • Ballentine's Law Dictionary

    A cutting off; a reduction; an embezzlement. See 120 Fed. (U. S.) 966.

  • Black's Law Dictionary: 2nd Edition

    The act of a defaulter; misappropriation of trust funds or money held in any fiduciary capacity; failure to properly account for such funds. Usually spoken of officers of corporations or public officials. In re Butts (D. O.) 120 Fed. 970; Crawford v. Burke, 201 111. 581, 66 N. E. 833. Also set-off. The diminution of a debt or claim by deducting from it a smaller claim held by the debtor or payor. Iron Works v. Cuppey, 41 Iowa, 104; Houk v. Foley, 2 Pen. & W. (Pa.) 250; McDonald v. Lee, 12 La. 435