Source : Webster's Revised Unabridged Dictionary (1913)

Amortization \A*mor`ti*za"tion\, n. [LL. amortisatio,
   admortizatio. See {Amortize}, and cf. {Admortization}.]
   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.

Source : WordNet®

amortization
     n 1: the reduction of the value of an asset by prorating its cost
          over a period of years [syn: {amortisation}]
     2: payment of an obligation in a series of installments or
        transfers [syn: {amortisation}]