First recorded in 1820–30.
Formed from ab-, "away from," and squat, "to sit in a low or crouching position."
A pseudo-Latinism, it parallels Latin-derived words with initial abs- like abscond and abstention and final -tulate, as in congratulate.
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EXAMPLES OF ABSQUATULATE

The mischievous cat managed to absquatulate every time the door was left open.
When they heard the police sirens approaching, the burglars decided to absquatulate from the scene of the crime.

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Did you mean racking?