LETTER OF CREDIT • FREE TRANSLATOR.ORG • Definition of Letter of credit

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/lˈɛtər əv krˈɛdət/ Listen

Letter of credit

noun

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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"Letter of credit" Quotes from Famous Books

... the committee, however, supplied all that was necessary. Being favoured by the secretary of the Association, the late Henry Beaufoy, Esq., with a recommendation to Dr. John Laidley (a gentleman who had resided many years at an English factory on the banks of the Gambia), and furnished with a letter of credit on him for 200 pounds, I took my passage in the brig Endeavour—a small vessel trading to the Gambia for beeswax and ivory, commanded by Captain Richard Wyatt—and I became impatient for ...

— Travels in the Interior of Africa - Volume 1 • Mungo Park

... flinging back her veil, and laying her muff aside. "Miss Toland and I will probably leave for New York on the seventh, and sail as soon as we can after we get there. I want to take a letter of credit, and I want to know just how I ...

— The Story Of Julia Page - Works of Kathleen Norris, Volume V. • Kathleen Norris

... restaurant and went to the theatre. But these were expensive pleasures—indeed the scale of living was more costly than in Chicago, if one wanted the same comforts; and by the end of the first winter Bragdon became worried over the rapid inroads they were making on their letter of credit. Every time he had to journey to the Rue Scribe he shook his head and warned Milly they must be more careful if their funds were to last them even two years. And he knew now that he needed every day of training he could possibly get. He ...

— One Woman's Life • Robert Herrick

... remember while he was in poverty and bankruptcy for a couple of hundred pounds; the real Roger had written home on hearing of the death of his uncle, from whom he derived his title and estates, saying, "Pray go to Messrs. Glyn's and exchange my letter of credit for L2,000 for three years for ...

— The Reminiscences Of Sir Henry Hawkins (Baron Brampton) • Henry Hawkins Brampton

... discouraged him. And this, in spite of the fact that every hour of the day he tried to bring himself pleasantly to her notice. All that an idle young man in love, aided and abetted by imagination and an unlimited letter of credit, could do, Hemingway did. ...

— The Lost Road • Richard Harding Davis

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