Definitions
American Heritage® Dictionary of the English Language, Fourth Edition
- n. 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.
Wiktionary
- n. finance, banking A document, used primarily in trade finance and issued generally by a financial institution, in which the institution promises to pay debts up to a certain limit to be acquired by the beneficiary against delivery of documents specified in the letter.
GNU Webster's 1913
- n. 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.
WordNet 3.0
- n. 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
Examples
“My business was to set the matter right about the letter of credit he did give my Lord Belassis, that I may take up the tallys lodged with Viner for his security in the answering of my Lord's bills, which we did set right very well, and Sir Robert Viner went home with me and did give me the L5000 tallys presently.”
“The letter of credit was held up for weeks on such technicalities as the port of entry specified by Embanac as Managua having no access to the ocean.”
Simon & Schuster: Strategic Management in Developing Countries Case Studies
“I looked into the packet and found, as my uncle had promised, a letter of credit for a substantial amount, and beneath it, cash carefully packaged in an oilcloth bundle.”
“Sixteen days ago to-day I wrote you and sent it by Zamora, the courier, and I sent you a letter of credit for these merchants endorsed by Francisco de Ribarol, telling them to give you the money you might ask for.”
“Da Costa gave him a letter of credit on a sort of banker-broker residing in New York.”
“He got funds from Joyce Thurburn & Co. and, via the efforts of the Sardinian ambassador at London, a letter of credit from Lord Palmerston.”
“Has a ten-thousand-pound letter of credit with the company.”
“I must inform you that Mr. Barclay wishes to be put on the same footing with Mr. Lambe, as to this article, and therefore I return you your letter of credit on Van Staphorst, Co.”
“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 for his journey.”
“Albert Sidney Johnston, is a no mean letter of credit of itself.”
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