levy > define

noun

• A charge imposed and collected.
• The act of drafting into military service.
  • synonyms: levy en masse

verb

• Impose and collect.
  • usage: "levy a fine"
  • synonyms: impose
• Cause to assemble or enlist in the military.
  • usage: "raise an army"; "recruit new soldiers"
  • synonyms: recruit, raise

• (n.) The act of levying or collecting by authority; as, the levy of troops, taxes, etc.
• (v.t.) To erect, build or set up; to make or construct; to raise or cast up; as, to levy a mill, dike, ditch, a nuisance, etc.
• (v.i.) To seize property, real or personal or subject it to the operation of an execution; to make a levy; as, to levy on property; the usual mode of levying, in England, is by seizing the goods.
• (n.) That which is levied, as an army, force, tribute, etc.
• (v.t.) To raise or collect by assessment; to exact by authority; as, to levy taxes, toll, tribute or contributions.
• (v.t.) To raise, as a siege.
• (n.) The taking or seizure of property on executions to satisfy judgments or on warrants for the collection of taxes; a collecting by execution.
• (n.) A name formerly given in Pennsylvania, Maryland, and Virginia to the Spanish real of one eighth of a dollar (or 12/ cents), valued at eleven pence when the dollar was rated at 7s. 6d.
• (v.t.) To gather or exact; as, to levy money.
• (v.t.) To raise; to collect; said of troops, to form into an army by enrollment, conscription, etc.
• (v.t.) To take or seize on execution; to collect by execution.

Under the Bankruptcy and Insolvency Act the government has imposed a' Levy' (in 1997 equal to 5%) over all dividends paid to unsecured creditors. Therefore, if a creditor is entitled to a $100 dividend, he will only get $95 with $5 being paid to the government.