Abstraction [Banking] Law and Legal Definition

Abstraction, in general, means a taking; a removal, especially a wrongful taking or removal.

To constitute the offense of abstracting the funds of a national banking association, it is necessary that the funds of the association should be abstracted without its knowledge and consent, with the intent to injure or defraud it or some other company or person, or to deceive some officer thereof, or an agent appointed to examine its affairs. [United States v. Northway, 120 U.S. 327 (U.S. 1887)].