n. & v.
n. 1 a a right, advantage, or immunity, belonging to a person, class, or office. b the freedom of members of a legislative assembly when speaking at its meetings. 2 a special benefit or honour (it is a privilege to meet you). 3 a monopoly or patent granted to an individual, corporation, etc. 4 US Stock Exch. an option.
v.tr. 1 invest with a privilege. 2 (foll. by to + infin.) allow (a person) as a privilege (to do something). 3 (often foll. by from) exempt (a person from a liability etc.). privileged adj.
[ ME f. OF privilege f. L privilegium bill or law affecting an individual, f. privus private + lex legis law ]