letter of credit

Definitions

  • WordNet 3.6
    • n letter of credit 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
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Webster's Revised Unabridged Dictionary
    • Letter of credit a letter or notification addressed by a banker to his correspondent, informing him that the person named therein is entitled to draw a certain sum of money; when addressed to several different correspondents, or when the money can be drawn in fractional sums in several different places, it is called a circular letter of credit.
    • Letter of credit See under Attorney Credit, etc.
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Usage

In literature:

Elam should have worn the Letter of Credit on the outside.
"Ade's Fables" by George Ade
Papa gave him no great letter of credit, though.
"The Best Short Stories of 1917" by Various
You remember giving me a letter of credit on Messrs. Willinck and Staphorst for one thousand guineas to pay for the swords and medals.
"The Writings of Thomas Jefferson" by Thomas Jefferson
Nothing less than an earthquake or a lost letter of credit could have stopped them.
"In Africa" by John T. McCutcheon
He then presented his letter of credit at the merchant's, and drew a hundred pounds, which he obtained in Spanish gold.
"Held Fast For England" by G. A. Henty
Has a ten-thousand-pound letter of credit with the company.
"A Son Of The Sun" by Jack London
Seven thousand francs, fourteen hundred dollars, more than half the sum of his letter of credit!
"The Lure of the Mask" by Harold MacGrath
The simple, verbal message that I carried to his son served me as a letter of credit.
"The Supplies for the Confederate Army" by Caleb Huse
I had a letter of credit in terms of English pounds.
"An African Adventure" by Isaac F. Marcosson
Franklin went to the office of the Governor to receive the letter of credit and promised letters of introduction.
"True to His Home" by Hezekiah Butterworth
Only think of poor Laybold, with a letter of credit for a hundred pounds on his hands!
"Up The Baltic" by Oliver Optic
But by Ill-luck this Letter of Credit could not be found.
"The Strange Adventures of Captain Dangerous, Vol. 3 of 3" by George Augustus Sala
Mr. Solomons then went with me to a banker's, for I had taken his advice, and resolved to procure a letter of credit on a London banker.
"Seek and Find" by Oliver Optic
Kosuth is even now returning his letters of credit to your friend.
"The Double Four" by E. Phillips Oppenheim
My letter of credit is here.
"Letters to his wife Mary Borrow" by George Borrow
Letters of credit, travelers' checks, drafts, all were mere printed paper.
"Herbert Hoover" by Vernon Kellogg
They have swinging letters of credit on Paris and half the towns in Europe.
"Tales from Blackwood, Volume 7" by Various
Nature has written a letter of credit on some men's faces which is honored wherever it is presented.
"Life and Literature" by J. Purver Richardson
If the Emperor would send even a letter of credit the King would be satisfied.
"The Divorce of Catherine of Aragon" by J.A. Froude
If the Signorina remains here, you shall have letters of credit on Paris or any other city.
"The Little Schoolmaster Mark" by J. H. Shorthouse
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In news:

Has refused for the past nine months to pay out on the letter of credit it gave to the developer of Southwood Estates mobile home park.
Ideally, bonds would never fail to be remarketed and cause a draw on the letter of credit.
But in the current market, the letter of credit is acting as a safety net, proving that this structure remains a viable one in today's economy.
Backed by comments from City Attorney Charles Paschke, Councilwoman Jean Schmidt voiced the single "no" vote on the issue of the letter of credit the Howard Lake City Council approved for Paul Phillips of the mobile home park, Tuesday.
Tom Furlong (Letters, "No sympathy for professor," April 13, Gazette) credits Jimmy Carter with the beginning of the end of unions.
A story last week on the results of the District 3 Town Council election quoted winner Kristen Catanzaro as crediting a letter from Samira Thomas used in an attack about opponent Joe Zuccolo's bankruptcy for helping her to victory on Nov 6.
Practical UCC: Understanding and Drafting Letters of Credit in Business Transactions – A National Perspective.
Sherrie Brooks, CEO of $17 million asset Tennessee Employees Credit Union in Nashville, shares two poignant letters from members in need.
NACUBO's first accounting comment letter of 2011 addresses changes proposed by the Financial Accounting Standards Board (FASB) for estimating credit impairment .
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