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Legal Definition and Related Resources of Credit

Meaning of Credit

belief in a person ‘s trustworthiness. Credibility. The time allowed to the purchaser of goods or services for payment for the same. A sum placed at a person’s disposal in the books of a bank, etc., upon which he may draw to the extent of the amount ; any note, bill or other document on security of which a person may obtain funds. That side of a statement of account setting down items in favor of one party against any sums or matters which are set against him, the latter being called a debit .

Credit Alternative Definition

The word credit is derived from the Latin word credere. 75 111. App. 665.
(1) The confidence reposed in the ability and intention of a purchaser or borrower to make payment at some future time, either specified or indefinite. 75 111. App. 665. The ability to borrow, on the opinion conceived by the lender that he will be repaid.
(2) A debt due in consequence of a contract of hire or borrowing of money.
(3) The time allowed by the creditor for the pajrment of goods sold by him to the debtor.
(4) That which is due to a merchant, as distinguished from debit, that which is due by him.
(5) That influence connected with certain social positions. 20 TouUier, Dr. Civ. note 19.

Financial Definition of Credit

Money loaned.

Synonyms of Credit

(Delayed payment), noun

  • advance
  • chance to borrow money on time
  • confidence
  • future payment
  • installment buying
  • loan
  • opportunity to obtain goods on time
  • permission to defer payment
  • purchase on time
  • purchase on trust
  • reliance
  • Associated Concepts: confirmed credit
  • consumer credit
  • contingent creditors
  • credit agreement
  • credit association
  • credit bureau
  • credit rating
  • credit union
  • creditor and debtor
  • creditorbeneficiary
  • creditor of bankrupt
  • creditor of estate
  • creditor’s bill
  • creditor’s committee
  • creditor’s reference
  • creditor’s suits
  • establishment of credit
  • extension of credit
  • general creditors
  • judgment creditors
  • junior creditors
  • letter of credit
  • line of credit
  • paper credit
  • personal credit
  • preferred creditors
  • renewal of credit
  • secured creditors
  • unconditional credit

(Recognition), noun

  • commendation
  • consideration
  • distinction
  • esteem
  • fame
  • favorable opinion
  • good name
  • high regard
  • honor
  • merit
  • power
  • prestige
  • rank
  • regard
  • reputableness
  • reputation
  • repute
  • respect
  • standing
  • status
  • worth foreign phrases: JudicHsposterioribusfides est adhibenda
  • Faith or credit is to be given to the more recent decisions

Related Entries of Credit in the Encyclopedia of Law Project

Browse or run a search for 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.

Credit in Historical Law

You might be interested in the historical meaning of this term. Browse or search for Credit in Historical Law in the Encyclopedia of Law.

Legal Abbreviations and Acronyms

Search for legal acronyms and/or abbreviations containing Credit in the Legal Abbreviations and Acronyms Dictionary.

Related Legal Terms

You might be also interested in these legal terms:

Mentioned in these terms

Accommodation, Account, Adequate Notice, Amount Financed, Balance, Bank Paper, Bankable Paper, , Cash Discount, Certified Check, Check, Collateral, Collateral Matter, Collateral Security, Commercial Agency, Credible, Credit Agency, Del Credere, Deposit, Destination, Disclosure, Distrain, F.C. A., Finance Charge, Full Faith And Credit, Gaming, General Letter Of Credit, Guarantee, Garranty, Guaranty, Hearsay Evidence, Insolvency, Insolvent, Invasion Of Privacy, Letter Of Credit, Line Of Credit, Margin Account, Maritime Lien, Mercantile Agency, Money Order, Mutual Account, Not Guilty, Notary, Preponderance, Receiver’s Certificate, Representation, Reputation, Revendication, Stock, Tally Trade, Totten Trust, Travellers Check, Treasury Bills.

Translate Credit For Time Served from English to Spanish

Translation of Credit For Time Served, with examples. More about free online translation into Spanish of Abono del tiempo de prisión provisional and other legal terms is available here.

  • Abono del tiempo de prisión provisional
  • Abonos de detención
  • Crédito por tiempo cumplido
  • Crédito por plazo cumplido
  • El cómputo de la prisión preventiva
  • Legal English Translation


You might be interested in these references tools:

Resource Description
Credit in the Dictionary Credit in our legal dictionaries
Browse the Legal Thesaurus Find synonyms and related words of Credit
Legal Maxims Maxims are established principles that jurists use as interpretive tools, invoked more frequently in international law
Legal Answers (Q&A) A community-driven knowledge creation process, of enduring value to a broad audience
Related topics Credit in the World Encyclopedia of Law


This definition of Credit is based on the The Cyclopedic Law Dictionary . This entry needs to be proofread.

Vocabularies (Semantic Web Information)


Resource Description
Topic Map A group of names, occurrences and associations
Topic Tree A topic display format, showing the hierarchy
Sitemap Index Sitemap Index, including Taxonomies The URI of Credit (more about URIs)

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 credit.


Legal English Vocabulary: Credit in Spanish

Online translation of the English legal term credit into Spanish: crédito (English to Spanish translation) . More about legal dictionary from english to spanish online.

Related to the Legal Thesaurus


See Also

  • Law Enforcement Officer
  • Policeman
  • Law Enforcement Agency

Further Reading

English Legal System: Credit

In the context of the English law, A Dictionary of Law provides the following legal concept of Credit :

1. The agreed deferment of payment of a debt. Under the Consumer Credit Act 1974, credit also includes any other form of financial accommodation, including a cash loa It does not include the charge for credit but does include the total price of goods hired to an individual under a *hire-purchase agreement less the aggregate of the deposit and the total charge for credit.

2. (in the law of evidence) The credibility of a witness. It must be inferred by the *trier of fact from the witness’s demeanour and the evidence in the case. A witness may be cross-examined as to credit (i.e. impeached) by reference to his *previous convictions, bias, or any physical or mental incapacity affecting the credibility of his evidence.

Credit Definition (in the Accounting Vocabulary)

The New York State Society of Certified Public Accountants offers the following definition of Credit in a way that is easy for anybody to understand: Entry on the right side of a DOUBLE-ENTRY BOOKKEEPING system that represents the reduction of an ASSETor expense or the addition to a LIABILITY or RVENUE.

United States Tax Concept of Credit

A tax credit directly reduces the tax you owe, as opposed to a deduction that reduces income subject to tax. A credit is a direct dollar-for-dollar reduction of your income tax. You can get tax credits for items such as child care expenses and the earned income credit for low-income taxpayers.

Concept of Credit in the context of Real Property

Alternatives definitions of Credit: (1) The financial worthiness of a borrower. The history of whether this borrower has met financial obligations on time in the past. (2) An accounting term designating money received or receivable, as opposed to debit which is money payed or payable.

Concept of Credit in the context of Real Property

Alternatives definitions of Credit: (1) The financial worthiness of a borrower. The history of whether this borrower has met financial obligations on time in the past. (2) An accounting term designating money received or receivable, as opposed to debit which is money payed or payable.


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