The act of a defaulter; misappropriation of trust funds or moneyheld in any fiduciary capacity ; failure to properly account for such funds. Usually spokenof oliicers of corporations or public ollicials. In re Butts (D. C.) 120 Fed. 970; Crawfordv. Burke, 201 111. 581, 06 N. E. 833.Also set-off. The dimiuution of a debt or claim by deducting from it a smaller claimheld by the debtor or payor. Iron Works v. Cuppey, 41 Iowa, 104; liouk v. Foley, 2 Pen.& W. (Pa.) 250; McDonald v. Lee, 12 La. 435.
Black’s Law Online Dictionary
