Found 2 items, similar to Letter of credit.
English → English
Definition: letter of credit
letter of credit
n : a document issued by a bank that guarantees the payment of a
customer's draft; substitutes the bank's credit for the
English → English
Definition: Letter of credit
, n. [OE. lettre, F. lettre, OF. letre, fr. L.
littera, litera, a letter; pl., an epistle, a writing,
literature, fr. linere, litum, to besmear, to spread or rub
over; because one of the earliest modes of writing was by
graving the characters upon tablets smeared over or covered
with wax. --Pliny, xiii. 11. See Liniment
, and cf.
1. A mark or character used as the representative of a sound,
or of an articulation of the human organs of speech; a
first element of written language.
And a superscription also was written over him in
letters of Greek, and Latin, and Hebrew. --Luke
2. A written or printed communication; a message expressed in
intelligible characters on something adapted to
conveyance, as paper, parchment, etc.; an epistle.
The style of letters ought to be free, easy, and
3. A writing; an inscription. [Obs.]
None could expound what this letter meant.
4. Verbal expression; literal statement or meaning; exact
signification or requirement.
We must observe the letter of the law, without doing
violence to the reason of the law and the intention
of the lawgiver. --Jer. Taylor.
I broke the letter of it to keep the sense.
5. (Print.) A single type; type, collectively; a style of
Under these buildings . . . was the king's printing
house, and that famous letter so much esteemed.
6. pl. Learning; erudition; as, a man of letters.
7. pl. A letter; an epistle. [Obs.] --Chaucer.
8. (Teleg.) A telegram longer than an ordinary message sent
at rates lower than the standard message rate in
consideration of its being sent and delivered subject to
priority in service of regular messages. Such telegrams
are called by the Western Union Company day letters
according to the time of sending, and by
The Postal Telegraph Company day lettergrams
, or night lettergrams
[Webster 1913 Suppl.]
, Drop letter
, etc. See under Dead
, a book in which copies of letters are kept.
, a box for the reception of letters to be mailed
, a person who carries letters; a postman;
specif., an officer of the post office who carries letters
to the persons to whom they are addressed, and collects
letters to be mailed.
, one who engraves letters or letter punches.
, a lock that can not be opened when fastened,
unless certain movable lettered rings or disks forming a
part of it are in such a position (indicated by a
particular combination of the letters) as to permit the
bolt to be withdrawn.
A strange lock that opens with AMEN. --Beau. & Fl.
, paper for writing letters on; especially, a
size of paper intermediate between note paper and
foolscap. See Paper
, a steel punch with a letter engraved on the
end, used in making the matrices for type.
Letters of administration
(Law), the instrument by which an
administrator or administratrix is authorized to
administer the goods and estate of a deceased person.
Letter of attorney
, Letter of credit
, etc. See under
Letter of license
, a paper by which creditors extend a
debtor's time for paying his debts.
or Letters clause
(Eng. Law.), letters or
writs directed to particular persons for particular
purposes, and hence closed or sealed on the outside; --
distinguished from letters patent
Letters of orders
(Eccl.), a document duly signed and
sealed, by which a bishop makes it known that he has
regularly ordained a certain person as priest, deacon,
, Letters overt
, or Letters open
Law), a writing executed and sealed, by which power and
authority are granted to a person to do some act, or enjoy
some right; as, letters patent under the seal of England.
The common commercial patent
is a derivative form of
such a right.
, a stamped sheet of letter paper
issued by the government, prepared to be folded and sealed
for transmission by mail without an envelope.
(Law), an instrument granted by the
proper officer to an executor after probate of a will,
authorizing him to act as executor.
(a) One who writes letters.
(b) A machine for copying letters.
(c) A book giving directions and forms for the writing of
(kr[e^]d"[i^]t), n. [F. cr['e]dit (cf. It.
credito), L. creditum loan, prop. neut. of creditus, p. p. of
credere to trust, loan, believe. See Creed
1. Reliance on the truth of something said or done; belief;
faith; trust; confidence.
When Jonathan and the people heard these words they
gave no credit unto them, nor received them. --1
Macc. x. 46.
2. Reputation derived from the confidence of others; esteem;
honor; good name; estimation.
John Gilpin was a citizen
Of credit and renown. --Cowper.
3. A ground of, or title to, belief or confidence; authority
derived from character or reputation.
The things which we properly believe, be only such
as are received on the credit of divine testimony.
4. That which tends to procure, or add to, reputation or
esteem; an honor.
I published, because I was told I might please such
as it was a credit to please. --Pope.
5. Influence derived from the good opinion, confidence, or
favor of others; interest.
Having credit enough with his master to provide for
his own interest. --Clarendon.
6. (Com.) Trust given or received; expectation of future
playment for property transferred, or of fulfillment or
promises given; mercantile reputation entitling one to be
trusted; -- applied to individuals, corporations,
communities, or nations; as, to buy goods on credit.
Credit is nothing but the expectation of money,
within some limited time. --Locke.
7. The time given for payment for lands or goods sold on
trust; as, a long credit or a short credit.
8. (Bookkeeping) The side of an account on which are entered
all items reckoned as values received from the party or
the category named at the head of the account; also, any
one, or the sum, of these items; -- the opposite of
; as, this sum is carried to one's credit, and that
to his debit; A has several credits on the books of B.
, or Cash credit
. See under Cash
Bill of credit
. See under Bill
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
(a) The reputation of, or general confidence in, the
ability or readiness of a government to fulfill its
(b) The ability and fidelity of merchants or others who
owe largely in a community.
He touched the dead corpse of Public Credit, and
it sprung upon its feet. --D. Webster.