embezzlement

(redirected from Conversion of Property)
Also found in: Dictionary, Thesaurus, Legal.

embezzlement,

wrongful use, for one's own selfish ends, of the property of another when that property has been legally entrusted to one. Such an act was not larcenylarceny,
in law, the unlawful taking and carrying away of the property of another, with intent to deprive the owner of its use or to appropriate it to the use of the perpetrator or of someone else.
..... Click the link for more information.
 at common law because larceny was committed only when property was acquired by a "felonious taking," i.e., when the act was committed with respect to property that was at the time in the legal possession of the owner. Consequently, unfaithful servants, employees, agents, trustees, or guardians who misappropriated another's property could be sued only in the civil courts, on the grounds that although the defendant had legally come into possession of the property, he had breached his trust by wrongfully misappropriating it to his own use. To remedy this situation statutes were passed in England and the United States that either made embezzlement a distinct crime or enlarged the definition of larceny in such a way as to include all cases of misappropriation of property in the lawful possession of the wrongdoer. In most states of the United States embezzlement is a felonyfelony
, any grave crime, in contrast to a misdemeanor, that is so declared in statute or was so considered in common law. In early English law a felony was a heinous act that canceled the perpetrator's feudal rights and forfeited his lands and goods to the king, thus depriving
..... Click the link for more information.
. Under acts of Congress, stealing of letters by postmasters, clerks, and letter carriers is considered embezzlement.
The Columbia Electronic Encyclopedia™ Copyright © 2013, Columbia University Press. Licensed from Columbia University Press. All rights reserved. www.cc.columbia.edu/cu/cup/
References in periodicals archive ?
Mr Maruccia, government commissioner in charge of managing the conversion of property seized from criminal organisations, stressed that the fight against the mafia also involves the economic dimension, that a tremendous number of projects have already been successful and that they increase citizens' confidence in their institutions.
He also faces a fifth charge of criminal conversion of property, which involves an allegation of using pounds 9,500, allegedly obtained dishonestly and fraudulently, and converting it to Premium Bonds.
Enoch Hutchcraft: Plaintiff alleges wrongful conversion of property, per se defamation of character by libel and wrongful initiation of a civil proceeding.
15 Cross Street, Nuneaton, conversion of property to four flats with two-storey extension to rear (T.
(10) However, IRS regulations advise taxpayers to report all of the details in connection with an involuntary conversion of property with a gain, including information relating to the replacement of the condemned property, "in the return for the taxable year or years in which any of such gain is realized." (11) The information provided should establish the owner's entitlement to nonrecognition under [section] 1033, including a description of the replacement property showing that it was "similar or related in service or use" to the condemned property, the date it was acquired, and the cost to the owner.
New build and conversion of property will only be allowed for local people and/or those, who can show essential need.
An involuntary conversion of property by condemnation or requisition occurs when a governmental or quasi-governmental agency legally takes private property for public use, without the property owner's consent, but upon the award and payment of just compensation.