Letter Of Credit - Law Dictionary Search Results
Home Dictionary Name: letter of creditCommercial letters of credit
Commercial letters of credit, commercial letters of credit may be issued at the instance of a buyer in favour of a seller in the same or another country, in which latter case they are called import credits; or they may be issued at the instance of seller, when they are called export credits, the seller drawing on his own banker or at any rate a banker in his own country, Halsbury's Laws of England, Vol. 3(1), para 253, p. 210....
letter of credit
letter of credit :a document issued to a beneficiary at the request of the issuer's customer in which the issuer (as a bank) promises to honor a demand for payment by the beneficiary in order to satisfy or secure the customer's debt compare guaranty NOTE: A letter of credit is usu. requested by a buyer of merchandise (the issuer's customer) to be issued to the seller (the beneficiary) in order to secure the payment for the merchandise. In effect the letter of credit is considered to extend a line of credit or substitute the issuer's credit for the customer's. commercial letter of credit : a letter of credit which is used to satisfy payment for merchandise and which usually requires the beneficiary to present a draft and some documentary proof (as of shipment or receipt of the merchandise) when making a demand for payment irrevocable letter of credit : a letter of credit which the issuer cannot revoke or modify without the consent of the issuer's customer or the beneficiary stan...
Letter of credit
Letter of credit, a letter written by a merchant or correspondent to another, requesting him to credit the bearer with a certain sum of money.An irrevocable letter of credit has a definite implication. It is a mechanism of great importance in international trade. Any interference with the mechanism is bound to have serious repercussions on the international trade of this country. Except under very exceptional circumstances, the courts should not interfere with that mechanism, Tarapore and Co. v. V/o Tracto Export, AIR 1970 SC 891 (896): (1969) 1 SCC 233....
commercial letter of credit
commercial letter of credit see letter of credit ...
irrevocable letter of credit
irrevocable letter of credit see letter of credit ...
standby letter of credit
standby letter of credit see letter of credit ...
letter
letter 1 : a direct written statement addressed to an individual or organization ;broadly : an official communication see also counterletter determination letter : a letter from an administrative agency (as the Internal Revenue Service) usually in response to a request in which a determination, decision, or ruling (as whether an organization qualifies as charitable) is made information letter : a letter from an administrative agency usually in response to a request that provides information and esp. that simply calls attention to an interpretation or principle of law letter of intent : a letter in which the intention to enter into a formal agreement (as a contract) or to take some specified action is stated letter ro·ga·to·ry [-rō-gə-tȯr-ē] [probably partial translation of Medieval Latin littera rogatoria letter of request] : a formal written request by a court to a court in a foreign jurisdiction to summon and examine a witness in accordance...
credit
credit 1 : recognition see also full faith and credit 2 a : the balance in an account which may be drawn upon and repaid later compare loan b : the use of resources (as money) in the present obtained by the debtor's promise to repay the creditor in the future usually with interest as compensation to the creditor and often secured by a pledge of property or the right to attach the debtor's income in case of a failure to repay see also consumer credit compare debt c : financial reputation [to borrow money on the of the United States "U.S. Constitution art. I"] d : letter of credit 3 a : a deduction from an expense or asset account b : a reduction of an amount otherwise due ;esp : tax credit [a for child-care expenses] compare deduction, exclusion, exemption vt 1 : to supply goods on credit to 2 : to trust in the truth of 3 a : to enter upon the credit side of an account b : to place an amount to the credit of [ his account with ten dollars] ...
Client account
Client account, is a current or deposit account with an authorised institution, in the name of the estate agent or his employer, containing the word 'client' in its title, Estate Agents Act, 1979, s. 14(2) (UK) Halsbury's Laws of England, Vol. 1(2), para 17, p. 15.Includes (i) a guarantor or a person who proposes to give guarantee or security for borrower of a credit institution; or (ii) a person (a) who has obtained or seeks to obtain financial assistance from a credit constitution, by way of loans, advances, hire purchase, leasing facility, letter of credit, guarantee facility, venture capital assistance by way of credit cards or in any other form or manner; (b) who has raised or seeks to raise money by issue of security as defined in clause (h) of s. 2 of the Securities Contracts (Regulation) Act, 1956, or by issue of commercial paper depository receipts or any other instrument; (c) whose financial standing has been assessed or is proposed to be assessed by credit institution or any...
Foreign exchange
Foreign exchange, means foreign currency and includes--(i) deposits, credits and balances payable in any foreign currency,(ii) drafts, travellers cheques, letters of credit or bills of exchange, expressed or drawn in Indian currency but payable in any foreign currency,(iii) drafts, travellers cheques, letters of credit or bills of exchange drawn by banks, institutions or persons outside India, but payable in Indian currency. [Foreign Exchange Management Act, 1999 (42 of 1999), s. 2 (n)]The process of making international monetary trans-actions; esp. the conversion of one currency to that of a different country, Black's Law Dictionary, 7th Edn....
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