amortization Meaning, Definition & Usage

  1. noun the reduction of the value of an asset by prorating its cost over a period of years
    amortisation.
  2. noun payment of an obligation in a series of installments or transfers
    amortisation.

WordNet

A*mor`ti*za"tion noun
Etymology
LL. amortisatio, admortizatio. See Amortize, and cf. Admortization.
Definitions
  1. (Law) The act or right of alienating lands to a corporation, which was considered formerly as transferring them to dead hands, or in mortmain.
  2. The extinction of a debt, usually by means of a sinking fund; also, the money thus paid. Simmonds.

Webster 1913