Letter of credit

Definition of 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.

See also: Credit

Related Words

CD, IOU, MO, Pastoral Epistle, acceptance, acceptance bill, aerogram, air letter, airgraph, bank acceptance, bank check, bill, bill of draft, bill of exchange, billet-doux, blank check, bull, certificate, certificate of deposit, certified check, chain letter, charge card, charge plate, check, checkbook, cheque, circular note, commercial paper, credit card, credit instrument, credit slip, dead letter, debenture, demand bill, demand draft, deposit slip, dimissorial, dimissory letter, draft, drop letter, due bill, encyclical, exchequer bill, fan letter, form letter, letter of introduction, letters credential, letters of marque, letters of request, letters overt, letters patent, letters rogatory, love letter, money order, monitory, negotiable instrument, newsletter, nixie, note, note of hand, open letter, paper, pastoral letter, poison-pen letter, postal order, promissory note, round robin, sight bill, sight draft, time bill, time draft, trade acceptance, treasury bill, voucher, warrant
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