credit; or, is granted in consequence of a check on his cash account, or procured on the credit of securities lodged with the person who granted it; or in payment of money due by him to the payee; the letter is, in its effects, similar to a bill of exchange drawn on the foreign ...
Mcaughlin."On the Periphery of Letter of Credit Law:Softening the Rigors of Strict Compliance,". BANKINGL.J . 1989Gerald T.Mclaughlin.On the Periphery of Letter-of-Credit Law:Softening the Rigors of Strict Compliance.The banking Law Journal. 1989...
letter of credit n 1. (Banking & Finance) a letter issued by a bank entitling the bearer to draw funds up to a specified maximum from that bank or its agencies 2. (Banking & Finance) a letter addressed by a bank instructing the addressee to allow the person named to draw a specifie...
letter of credit, order from a bank to a bank or other party abroad authorizing payment of money (up to a specified limit) to a person named in the letter. A letter of credit, unlike a bill of exchange (q.v.), is not negotiable but is cashable only by the paying bank. The two...
Learn the definition and meaning of a letter of credit (LC) and understand its working. Explore the various types of LC and view a letter of credit...
In a legal sense, but to see the other standby letter of credit guarantee title, according to the American banking supervision law, the Bank of the United States cannot open a guarantee, to avoid the use of guarantee, the use of the title of the standby letter of credit, for the same ...
letter of credit, order from a bank to a bank or other party abroad authorizing payment of money (up to a specified limit) to a person named in the letter. A letter of credit, unlike a bill of exchange (q.v.), is not negotiable but is cashable only by the paying bank. The two...
As used in this Letter of Credit Agreement, the following terms shall have the meanings set forth respectively after each: (a) "Agreement" means this Letter of Credit Agreement, either as originally executed or as it may from time to time be supplemented, modified or amended. (b) "ALTA ...
The purpose of doing this is to change the oversea guarantee into domestic guarantee, once claim occurs, the beneficiary can be reimbursed quickly and the arbitration will take place by using domestic law.6.3.6 Reissuing bank 6.4Main Contents of standby letter of credit 6.4 Main Contents of ...
In a legal sense, but to see the other standby letter of credit guarantee title, according to the American banking supervision law, the Bank of the United States cannot open a guarantee, to avoid the use of "guarantee", the use of the title of the "standby letter of credit", for the...