‖Mor′a‐to″ri‐um (?), n. [NL. See Moratory.] (Law) A period during which an obligor has a legal right to delay meeting an obligation, esp. such a period granted, as to a bank, by a moratory law.
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Webster's Dictionary 1913
Webster's Revised Unabridged Dictionary, C. & G. Merriam Co., 1913.