GNU Collaborative International Dictionary of English

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Found one definition

1.       
   Defalcation , n. [LL. defalcatio: cf. F. défalcation.]
   A lopping off; a diminution; abatement; deficit. Specifically: Reduction of a claim by deducting a counterclaim; set- off.
   Abbott.
   
   1913 Webster
   That which is lopped off, diminished, or abated.
   1913 Webster
   An abstraction of money, etc., by an officer or agent having it in trust; an embezzlement.
   1913 Webster