Lexic.us

Definition of Letter of credit

1. Noun. A document issued by a bank that guarantees the payment of a customer's draft; substitutes the bank's credit for the customer's credit.

Definition of Letter of credit

1. Noun. (finance banking) A document, used primarily in trade finance and issued generally by a financial institution, in which the institution promises to pay debts up to a certain limit to be acquired by the beneficiary against delivery of documents specified in the letter. ¹

¹ Source: wiktionary.com

Lexicographical Neighbors of Letter Of Credit

Literary usage of Letter of credit

Below you will find example usage of this term as found in modern and/or classical literature:

1. Merchants' Magazine and Commercial Review by William B. Dana (1843)
"In respect to Letters of Credit, which are in common use in our commerce with foreign countries, it may be stated, that a Letter of Credit (sometimes called ..."

2. Merchants' Magazine and Commercial Review by William B. Dana (1843)
"In respect to Letters of Credit, which are in common use in our commerce with foreign countries, it may be stated, that a Letter of Credit (sometimes called ..."

3. A Treatise on the Law of Negotiable Instruments: Including Bills of Exchange by John Warwick Daniel (1913)
"There is a peculiar kind of letter of credit, called a circular note, ... There is no doubt that a special letter of credit is an available promise in favor ..."

4. The Financial Organization of Society by Harold Glenn Moulton (1921)
"Gentlemen: for Chicago Haying received from you Letter of Credit Ho __ »«___ ... We further authorise you to cancel this letter of credit nt any time to the ..."

5. United States Supreme Court Reports by Lawyers Co-operative Publishing Company, United States Supreme Court (1885)
"letter of credit, construction of—material error. 1. A letter of credit guarantying drafts on shipments of cattle. Includes drafts on shipments of 2. ..."

6. Judicial and Statutory Definitions of Words and Phrases by West Publishing Company (1904)
"See "General Letter of Credit"; "Special Letter of Credit" As negotiable Instrument, see "Negotiable Instrument" A letter ..."

7. Bouvier's Law Dictionary and Concise Encyclopedia by John Bouvier, Francis Rawle (1914)
"In England it seems questionable whether an action can be maintained by one who advances money on a general letter of credit ; Russell v. ..."

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