I. verb — [with obj.] 1. gradually write off the initial cost of (an asset) over a period. • the vessel’s owners could not amortize her high capital costs.
2. reduce or pay off (a debt) with regular payments. • eighty per cent of the proceeds has been used to amortize the public debt.
‹historical› transfer (land) to a corporation in mortmain.
• lands amortized without licence.
II. derivatives amortization /əmɔːtʌɪˈzeɪʃ(ə)n / noun
– origin late Middle English (in the senses ‘deaden’ and ‘transfer (land) to a corporation in mortmain’): from Old French amortiss-, lengthened stem of amortir, based on Latin ad ‘to, at’ + mors, mort- ‘death’.