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Letter of credit   /lˈɛtər əv krˈɛdət/   Listen
Letter of credit

noun
1.
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

... deduced from the fact that my brother, who had from boyhood stood to me in loco parentis, had not asked me, until I was on the point of going aboard, what my means of subsistence were, and, when he found that I had only my six sovereigns, he told me to wait at Liverpool for a letter of credit he would send me by the steamer ...
— The Autobiography of a Journalist, Volume I • Stillman, William James

... 500 crowns in money, and a letter of credit, or bills of exchange, Covilham and De Payva went first to Naples, where their bills of exchange were paid by the son of Cosmo de Medici. From Naples they went by sea to the island of Rhodes, and thence to Alexandria in Egypt, whence they travelled as merchants to Grande Cairo, and proceeded ...
— A General History and Collection of Voyages and Travels, Vol. II • Robert Kerr

... sell; and particularly George Robertson, who kept an inn near Bristo Port in Edinburgh, where the Newcastle carriers commonly put up; that having occasion to buy liquors in the east of Fife, he agreed to take share of a cargo with Andrew Wilson, and with that view got a letter of credit from Francis Russell, druggist addressed to Bailie Andrew Waddell, Cellardyke, for the value of L50 sterling; and further, he carried with him an accepted bill of John Fullerton in Causeyside, to the like extent, as a fund of credit ...
— Wilson's Tales of the Borders and of Scotland Volume 17 • Alexander Leighton

... the purchase of the Agassiz collection. The difficulty will be found, as in all human affairs, in the prose of life, in money. M. Ancillon writes me this morning: "Your paper in favor of M. Agassiz is a scientific letter of credit which we shall try to honor. The acquisition of a superior man and a superior collection at the same time would be a double conquest for the principality of Neuchatel. I have requested a report from the Council ...
— Louis Agassiz: His Life and Correspondence • Louis Agassiz

... favor, to buy drafts on the various missionaries along the route through Asiatic Turkey. But in central Asia we found that the Russian bankers and merchants would not handle English paper, and we were therefore compelled to send our letter of credit by mail to Moscow. Thither we had recently sent it on leaving Tashkend, with instructions to remit in currency to Irkutsk, Siberia. We now had to telegraph to that point to re-forward over the Kiakhta post-route to ...
— Across Asia on a Bicycle • Thomas Gaskell Allen and William Lewis Sachtleben

... from Paris. He reported that he left Paris on the 25th, when anxiety prevailed there as to the feelings with which I viewed the events of the 18th He was the bearer of a sort of circular from General Augereau to all the generals of division; and he brought a letter of credit from the Minister of War to the commissary-general, authorising him to draw as much money as he might require ...
— The Memoirs of Napoleon Bonaparte • Bourrienne, Constant, and Stewarton

... always hopes to the last that somehow—by a credulous belief in one's own letter of credit with Providence, I presume—one will pull through. So I delayed telling you of ...
— The Iron Furrow • George C. Shedd

... to supply whatever you may think necessary. With respect to the money, Mr. Jay's information to you was, that it was to be drawn from Holland. It will rest therefore with you, to avail Mr. Barclay of that fund, either by your draft, or by a letter of credit to the bankers in his favor, to the necessary amount. I imagine the Dutch consul at Morocco may be rendered an useful character, in the remittances of money to Mr. Barclay, while ...
— Memoir, Correspondence, And Miscellanies, From The Papers Of Thomas Jefferson - Volume I • Thomas Jefferson

... T—, who used to arrive from London with a very considerable letter of credit expressly to try his luck at the Salon des Etrangers, at length contrived to lose his last shilling at rouge et noir. When he had lost everything he possessed in the world, he got up and exclaimed, in an excited ...
— Reminiscences of Captain Gronow • Rees Howell Gronow

... in certain parts of Java, but that didn't stop the sightseers. Nothing less than an earthquake or a lost letter of credit could have stopped them. ...
— In Africa - Hunting Adventures in the Big Game Country • John T. McCutcheon

... she said, loyally, silent as to the restrictions put upon his provisions for her maintenance, as well as the fact that his salary only covered the letter of credit he took with him for such expenses as he might incur outside the expedition. "In spite of his kindness, can't you understand that I am proud to be a worker? Have you lived so long in the companionship of New England women without appreciating their ...
— Ainslee's, Vol. 15, No. 5, June 1905 • Various



Words linked to "Letter of credit" :   commercial letter of credit, document, credit, traveler's letter of credit, traveller's letter of credit



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