letter of credit


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letter of credit

n. pl. letters of credit Abbr. L/C
A letter issued by a bank authorizing the bearer to draw a stated amount of money from the issuing bank, its branches, or other associated banks or agencies.

letter of credit

n
1. (Banking & Finance) a letter issued by a bank entitling the bearer to draw funds up to a specified maximum from that bank or its agencies
2. (Banking & Finance) a letter addressed by a bank instructing the addressee to allow the person named to draw a specified sum on the credit of the addressor bank

let′ter of cred′it


n.
1. a document issued by a banker allowing the person named to draw money to a specified amount.
2. a letter from a bank notifying a person that drafts on the issuer have been authorized up to a specified amount.
[1635–45]
ThesaurusAntonymsRelated WordsSynonymsLegend:
Noun1.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
credit - money available for a client to borrow
commercial letter of credit - a letter of credit given to a business concern for commercial purposes
traveler's letter of credit, traveller's letter of credit - a letter of credit given to a traveler
document - a written account of ownership or obligation
Translations
remburssi

letter of credit

nlettera di credito
documentary letter of credit → lettera di credito documentata
References in classic literature ?
In his right pocket he had his letter of credit, in the left, his passport, and in a small leathern purse some double louis d'or, carefully sewn up in the bosom of his waistcoat.
Will you remit your letter of credit to the king, monsieur le comte?
My Dear Fellow, -- The moment you have received this, have the kindness to take the letter of credit from my pocket-book, which you will find in the square drawer of the secretary; add your own to it, if it be not sufficient.
He hastened to open the secretary, and found the pocket-book in the drawer, and in it the letter of credit.
Their passage to America would be secretly paid; and they would take with them a letter of credit addressed to a banker in New York.
It had caused so much crime and suffering and sorrow that D'Arnot thought it best not to attempt to bring the treasure itself on here, as had been my intention, so I have brought a letter of credit instead.
He called once at the bank to obtain money on his letter of credit, and excused himself from accepting an invitation to visit the banker at his private residence, on the ground of delicate health.
Daylight mortgaged one of his Bonanza dumps with the Alaska Commercial Company, and tucked a letter of credit into his pouch.
I had some English goods with me of value, and a considerable sum of money; my nephew furnishing me with a thousand pieces of eight, and a letter of credit for more if I had occasion, that I might not be straitened, whatever might happen.
Every scrap of paper was gone, and with it all my notes, my memoranda, relating to railways and travel, my letter of credit, in fact all that might be useful to me were I once outside the castle.
The letter of credit beneficiary had unsuccessfully attempted, on multiple occasions, to draw on a letter of credit.
of New York the $300,000 plus nearly $45,000 in interest for refusing to honor the letter of credit, and there may eventually be court costs to pay as well.