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The Collaborative International Dictionary of English v.0.48:

Swag \Swag\, v. i. [imp. & p. p. Swagged; p. pr. & vb. n. Swagging.] [Cf. Icel. sveggja, sveigja to bend, to sway, Norw. svaga to sway. See Sway.] 1. To hang or move, as something loose and heavy; to sway; to swing. [Prov. Eng.] [1913 Webster] 2. To sink down by its weight; to sag. --Sir H. Wotton. [1913 Webster] I swag as a fat person's belly swaggeth as he goeth. --Palsgrave. [1913 Webster] 3. To tramp carrying a swag. [Australia] [Webster 1913 Suppl.]