Defalcation

What is Defalcation?

Defalcation is one of legal terms that means 1. Defaulting on a debt or other obligation such to account for public or trust funds. Usually used in the context of public officials. 2. The setting-off of two debts owed between two people by the agreement to a new amount representing the balance.

 

source: www.duhaime.org/LegalDictionary/

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