← Back to "A" terms

ABSTRACT, v

Categories: Torts

Definition (1910 Edition)

from. , Under the National Bank Act, “abstraction” is the act of one who, being an officer of a national banking association, wrongfully takes or withdraws from it any of its moneys, funds, or credits, with intent to injure or defraud it or some other person or company, and, without its knowledge or consent or that of its board of directors, converts them to the use of himself or ‘of some person or company other than the bank. It is not the same as embezzlement, larceny, or misapplication of funds. United
Source: Black's Law Dictionary, 2nd Edition (1910) — Public Domain. UK commentary and modern updates are original additions. This entry is for educational reference only and does not constitute legal advice.