amortization, -isation
(əˌmɔːtɪˈzeɪʃən)
[ad. med.L. a(d)mortizātiōn-em, n. of action f. amortizā-re: see next.]
1. The action of alienating lands in mortmain; ‘that is to some community that never is to cease.’ J. ? Obs.
| 1672 Manley Interpr., Amortization..est prædiorum translatio in manum mortuam. 1726 Ayliffe Parergon 88 After the Laws of Amortisation were devised. 1756 Nugent Montesquieu (1758) II. xxi. xvi. 57 This confiscation was a species of the right of amortisation. |
2. The extinction of a debt, or of any pecuniary liability, especially by means of a sinking fund. Also concr. the sum paid towards such extinction.
| [Not in Craig 1847, Worcester 1859.] 1864 Webster cites Simmonds. 1866 Daily Tel. 23 Jan. 6/1 The half-yearly three per cent. dividend and three per cent. amortisation fund. 1867 Lond. Rev. 28 Sept. 344/1 Every available resource for the amortization of the debt. 1883 Pall Mall G. 17 Mar. 5/2 An annual sum of 67,662l. for interest, and 11,277l. as amortization. |