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What does defalcate mean?

Looking for the meaning or definition of the word defalcate? Here's what it means.

Verb
  1. (transitive) To misappropriate funds; to embezzle.
  2. (transitive) To cut off; to take away or deduct a part of (money, rents, income, etc.).
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Examples
Almost all officials in the country are corrupt although the amounts of money which they defalcate are various.

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