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From: Webster's Revised Unabridged Dictionary (1913)

 Priv·i·ty n.; pl. Privities
 1. Privacy; secrecy; confidence.
    I will unto you, in privity, discover . . . my purpose.   --Spenser.
 2. Private knowledge; joint knowledge with another of a private concern; cognizance implying consent or concurrence.
    All the doors were laid open for his departure, not without the privity of the Prince of Orange.   --Swift.
 3. A private matter or business; a secret.
 4. pl. The genitals; the privates.
 5. Law A connection, or bond of union, between parties, as to some particular transaction; mutual or successive relationship to the same rights of property.