Legal Definition and Related Resources of Letter Of Credit
Meaning of Letter Of Credit
In the nature of a negotiable instrument and is a letter whereby a persor requests another to advance money or give credit to a third person and promises t: repay the former the amount of the advance. See Venizoles S.A v chase Mar hat tan Bank, (D.C.N. Y.)294 F.Supp. 246
Letter Of Credit Alternative Definition
A letter whereby one person requests another to advance money or give credit to a third, and agrees to reimburse or indemnify the person making the advance, or giving the credit. At first it was practically confined to merchants, and was designed to enable a merchant to obtain goods or money to buy the same. In modern times it is much used as a convenience by travelers in foreign parts to avoid carrying large sums of money; a sum being deposited with a bank, which issues a letter of credit to its correspondents in foreign parts. Letters of credit are special if addressed to some particular person; general if addressed to any one giving credit to the bearer.
Related Entries of Letter Of Credit in the Encyclopedia of Law Project
Browse or run a search for Letter Of Credit in the American Encyclopedia of Law, the Asian Encyclopedia of Law, the European Encyclopedia of Law, the UK Encyclopedia of Law or the Latin American and Spanish Encyclopedia of Law.
Letter Of Credit in Historical Law
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Legal Abbreviations and Acronyms
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Notice
This definition of Letter Of Credit is based on the The Cyclopedic Law Dictionary . This entry needs to be proofread.
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Letter of credit in Law Enforcement
Main Entry: Law Enforcement in the Legal Dictionary. This section provides, in the context of Law Enforcement, a partial definition of letter of credit.
Resources
See Also
- Law Enforcement Officer
- Police Work
- Law Enforcement Agency
Further Reading
- letter of credit in A Dictionary of Law Enforcement (Oxford University Press)
- letter of credit in the Encyclopedia of Law Enforcement
- A Treatise on the Police of the Metropolis
Letter of Credit Definition (in the Accounting Vocabulary)
The New York State Society of Certified Public Accountants offers the following definition of Letter of Credit in a way that is easy for anybody to understand: Conditional bank commitment issued on behalf of a customer to pay a third party in accordance with certain terms and conditions. The two primary types are commercial letters of credit and standby letters of credit.
Concept of Letter of Credit in the context of Real Property
A short definition of Letter of Credit: A letter, usually from a bank, requesting a person or company to extend credit to a certain person or company, and guarantying payment. Most commonly used in the purchase of goods from another country. The letter may be revocable or irrevocable, but most parties insist on the irrevocable.
Concept of Letter of Credit in the context of Real Property
A short definition of Letter of Credit: A letter, usually from a bank, requesting a person or company to extend credit to a certain person or company, and guarantying payment. Most commonly used in the purchase of goods from another country. The letter may be revocable or irrevocable, but most parties insist on the irrevocable.
Letter of Credit
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