A lack, shortage, or in-sufficiency. The difference between the total amount of the debt or payment meant to be secured by a mortgage and that realized on foreclosure and sale when less than the total. A Judgment or decree for the amount of such deficiency is called a “deficiency judgment” or “decree.” Goldsmith v. Brown, 35 Barb. (N. Y.) 492
Source: Black’s Law Dictionary 2nd Ed (1910)
