Capable of being clothed, dressed, or made fit for wearing.
From Latin habilis (apt, fit, skilled) plus the suffix -able (capable of). This rare word reflects a very specific Old French or Middle English formation that never became common.
This word almost never appears in modern English—it's the kind of ultra-specific medieval word that tailors and clothiers might have used but that vanished once they stopped writing in Latin. Finding it in old documents is like discovering a fashion term from 500 years ago that nobody remembers.
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