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A laying or spreading out; plan; arrangement.
(noun)
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That which is laid or spread out; a collection of things laid out; an apparatus; a display; a spread: as, a lay-out for dinner, for gaming, or for operations of any kind.
(noun)
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The space occupied or fished over by a haulseine.
(noun)
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Laid out, stretched, or extended: as, a lay-out line (a long line buoyed at each end, from which baited hook-lines run into deep water).
The Century Dictionary (Public Domain)