defalcation

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“
One sees two men, drunk with their success, gouging and tearing at each other's hearts in Wall Street, and sees their gouging and tearing bring about a panic which takes from the people in an hour over a billion dollars and drives scores to suicide, murder, and defalcation -- the two men continuing meanwhile as ornamental pillars of society instead of wearing prison stripes.

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Definitions (6)

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  1. The act of cutting off or deducting a part; abatement; curtailment; specifically, in law, the reduction of a claim or demand on contract by the amount of a counter-claim. When it [divine justice] conies to call the, world to an account of their actions, [it] will make no defalcations at all for the power of custom, or common practice of the world. Stillingfleet, Sermons, I. ii. The tea-table is set forth with its customary bill of fare, and without any manner of defalcation. Addison. Defalcation is setting off another account or another contract—perhaps total want of consideration founded on fraud, imposition, or falsehood, is not defalcation: though, being relieved in the same way, they are blended. Charles Huston, J., 1830, Houk v. Foley, 2 Pen. & W. (Pa.), [250.
  2. That which is cut off; deficit.
  3. A deficiency through breach of trust by one who has the management or charge of funds belonging to others; a fraudulent deficiency in money matters. He was charged with large pecuniary defalcations. Saturday Rev., May 6, 1865.

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Examples (50)

  • “Jones later confessed to his defalcation, your honor Which does not affect the original decision,” Vanning said smoothly. —  Astounding, January 1943
  • At the time this was done, Tobias Watkins was in prison in Washington for a defalcation of only a few hundreds to the Government. —  The Memories of Fifty Years
  • The infrequent examination of the accounts, exposed the treasury to undetected pilfering, and the colony to loss: in 1824, a large defalcation was discovered, which, ascertained by a jury of merchants, amounted to Ł8,269. —  The History of Tasmania, Volume I
  • Africa, West indies, South America, Asia, have all fallen off; but the defalcation has been made good by the United States, which have increased their growth by 205,000,000 of lbs In the Southern portion of America there are millions of acres on which cotton can be successfully cultivated, particularly Texas, the soil of which is so congenial that they can produce 1,000 lb. —  Diary in America, Series One
  • So great a change had taken place in the captain's mind regarding ourselves that I am not quite sure he mourned at all for the defalcation of our male escort. —  Yr Ynys Unyg The Lonely Island
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Etymologies (1)

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  1. = French défalcation = Italian difalcazione, from Middle Latin defalcatio(n-), deduction: see defalk, defalcate.
 

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