Legal Definition and Related Resources of General Letter Of Credit
Meaning of General Letter Of Credit
It is a letter of credit addressed to any and every person whereby the issuer proposes to undertake certain obligations to the person who will deal with the customer. When such proposal is accepted and acted upon, privity of contract is established between the issuer and the person who acts upon the faith of the letter of credit . See Second Nat. Bank v Columbia trust Co., (C.A.3), 288 F.17, 30 A.L.R. 1299.
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General Letter Of Credit in Historical Law
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Legal Abbreviations and Acronyms
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