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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



... greatly, for his promise of assistance, Bob went off into the town; where he bought a suit of Spanish clothes, such as would be appropriate for a small farmer or trader. He then presented his letter of credit at the merchant's, and drew a hundred pounds, which he obtained in Spanish gold. This money and the clothes he put in an oilskin bag, of which the mouth was securely closed. This ...
— Held Fast For England - A Tale of the Siege of Gibraltar (1779-83) • G. A. Henty

... 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

... board the Endeavour, an African trader, bound for the Gambia, where he arrived on the 21st of the following month. He was furnished with a letter of recommendation to Dr. Laidley, who resided at the English factory of Pisania, on the Gambia, and on whom he had a letter of credit for L. 200. ...
— Life and Travels of Mungo Park in Central Africa • Mungo Park

... and kept such documents always on our persons, so that if we were killed and our bodies found by a friendly vessel our last wishes concerning our affairs might be made known. I wrote my final directions on the blank sheet of my Letter of Credit on the Hong-Kong and Shanghai Bank, which, after being cancelled, I now keep as a relic of a most anxious time when I was a very unwilling guest of ...
— Five Months on a German Raider - Being the Adventures of an Englishman Captured by the 'Wolf' • Frederic George Trayes

... 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



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