Is “Layaway” a Scrabble word?

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Yes
LAYAWAY
Valid in at least one Scrabble dictionary

Valid in these dictionaries

SOWPODS / CSW
Scrabble UK & International
Valid
TWL / NWL
Scrabble North America
Valid
Large English Dictionary
General English word list
Invalid

Meaning of Layaway

noun
  1. 1.Things which have had a deposit placed on them and which the owner (generally a store) has agreed to hold for the customer and accept full payment at a later time.

  2. 2.The system of accepting a deposit and holding for a customer to complete purchase.

verb
  1. 1.To place items on hold with a deposit at a merchant's.