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5 definitions found
 for Letter of credit
From The Collaborative International Dictionary of English v.0.48 :

  Letter \Let"ter\, 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.
     Literal.]
     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.
        [1913 Webster]
  
              And a superscription also was written over him in
              letters of Greek, and Latin, and Hebrew. --Luke
                                                    xxiii. 38.
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     2. A written or printed communication; a message expressed in
        intelligible characters on something adapted to
        conveyance, as paper, parchment, etc.; an epistle.
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              The style of letters ought to be free, easy, and
              natural.                              --Walsh.
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     3. A writing; an inscription. [Obs.]
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              None could expound what this letter meant.
                                                    --Chaucer.
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     4. Verbal expression; literal statement or meaning; exact
        signification or requirement.
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              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.
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              I broke the letter of it to keep the sense.
                                                    --Tennyson.
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     5. (Print.) A single type; type, collectively; a style of
        type.
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              Under these buildings . . . was the king's printing
              house, and that famous letter so much esteemed.
                                                    --Evelyn.
        [1913 Webster]
  
     6. pl. Learning; erudition; as, a man of letters.
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     7. pl. A letter; an epistle. [Obs.] --Chaucer.
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     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, or
        night letters according to the time of sending, and by
        The Postal Telegraph Company day lettergrams, or night
        lettergrams.
        [Webster 1913 Suppl.]
  
     Dead letter, Drop letter, etc. See under Dead, Drop,
        etc.
  
     Letter book, a book in which copies of letters are kept.
  
     Letter box, a box for the reception of letters to be mailed
        or delivered.
  
     Letter carrier, 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.
  
     Letter cutter, one who engraves letters or letter punches.
        
  
     Letter lock, 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.
        [1913 Webster]
  
              A strange lock that opens with AMEN.  --Beau. & Fl.
  
     Letter paper, paper for writing letters on; especially, a
        size of paper intermediate between note paper and
        foolscap. See Paper.
  
     Letter punch, 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
        Attorney, Credit, etc.
  
     Letter of license, a paper by which creditors extend a
        debtor's time for paying his debts.
  
     Letters close 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. --Burrill.
  
     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,
        etc.
  
     Letters patent, Letters overt, or Letters open (Eng.
        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.
  
     Letter-sheet envelope, a stamped sheet of letter paper
        issued by the government, prepared to be folded and sealed
        for transmission by mail without an envelope.
  
     Letters testamentary (Law), an instrument granted by the
        proper officer to an executor after probate of a will,
        authorizing him to act as executor.
  
     Letter writer.
        (a) One who writes letters.
        (b) A machine for copying letters.
        (c) A book giving directions and forms for the writing of
            letters.
            [1913 Webster]

From The Collaborative International Dictionary of English v.0.48 :

  Credit \Cred"it\ (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.
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              When Jonathan and the people heard these words they
              gave no credit unto them, nor received them. --1
                                                    Macc. x. 46.
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     2. Reputation derived from the confidence of others; esteem;
        honor; good name; estimation.
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              John Gilpin was a citizen
              Of credit and renown.                 --Cowper.
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     3. A ground of, or title to, belief or confidence; authority
        derived from character or reputation.
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              The things which we properly believe, be only such
              as are received on the credit of divine testimony.
                                                    --Hooker.
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     4. That which tends to procure, or add to, reputation or
        esteem; an honor.
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              I published, because I was told I might please such
              as it was a credit to please.         --Pope.
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     5. Influence derived from the good opinion, confidence, or
        favor of others; interest.
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              Having credit enough with his master to provide for
              his own interest.                     --Clarendon.
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     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.
        [1913 Webster]
  
              Credit is nothing but the expectation of money,
              within some limited time.             --Locke.
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     7. The time given for payment for lands or goods sold on
        trust; as, a long credit or a short credit.
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     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
        debit; as, this sum is carried to one's credit, and that
        to his debit; A has several credits on the books of B.
        [1913 Webster]
  
     Bank credit, 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.
  
     Public credit.
        (a) The reputation of, or general confidence in, the
            ability or readiness of a government to fulfill its
            pecuniary engagements.
        (b) The ability and fidelity of merchants or others who
            owe largely in a community.
            [1913 Webster]
  
                  He touched the dead corpse of Public Credit, and
                  it sprung upon its feet.          --D. Webster.
            [1913 Webster]

From WordNet (r) 3.0 (2006) :

  letter of credit
      n 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

From Moby Thesaurus II by Grady Ward, 1.0 :

  75 Moby Thesaurus words for "letter of credit":
     CD, IOU, MO, Pastoral Epistle, acceptance, acceptance bill,
     aerogram, air letter, airgraph, bank acceptance, bank check, bill,
     bill of draft, bill of exchange, billet-doux, blank check, bull,
     certificate, certificate of deposit, certified check, chain letter,
     charge card, charge plate, check, checkbook, cheque, circular note,
     commercial paper, credit card, credit instrument, credit slip,
     dead letter, debenture, demand bill, demand draft, deposit slip,
     dimissorial, dimissory letter, draft, drop letter, due bill,
     encyclical, exchequer bill, fan letter, form letter,
     letter of introduction, letters credential, letters of marque,
     letters of request, letters overt, letters patent,
     letters rogatory, love letter, money order, monitory,
     negotiable instrument, newsletter, nixie, note, note of hand,
     open letter, paper, pastoral letter, poison-pen letter,
     postal order, promissory note, round robin, sight bill,
     sight draft, time bill, time draft, trade acceptance,
     treasury bill, voucher, warrant
  
  

From Bouvier's Law Dictionary, Revised 6th Ed (1856) :

  LETTER OF CREDIT, contracts. An open or sealed letter, from a merchant in 
  one place, directed to another, in another place or country, requiring him 
  that if a person therein named, or the bearer of the letter, shall have 
  occasion to buy commodities, or to want money to any particular or unlimited 
  amount, either to procure the same, or to pass his promise, bill, or other 
  engagement for it, the writer of the letter undertaking to provide him the 
  money for the goods, or to repay him by exchange, or to give him such 
  satisfaction as he shall require, either for himself or the bearer of the 
  letter. 3 Chit Com. Law, 336; and see 4 Chit. Com. Law, 259, for a form of 
  such letter. 
       2. These letters are either general or special; the former is directed 
  to the writer's friends or correspondents generally, where the bearer of the 
  letter may happen to go; the latter is directed to some particular person. 
  When the letter is presented to the person to whom it is addressed, he 
  either agrees to comply with the request, in which case he immediately 
  becomes bound to fulfill all the engagements therein mentioned; or he 
  refuses in which case the bearer should return it to the giver without any 
  other proceeding, unless, indeed, the merchant to whom the letter is 
  directed is a debtor of the merchant who gave the letter, in which case he 
  should procure the letter to be protested. 3 Chit. Com. Law, 337; Mal., 76; 
  1 Beawes. 607; Hall's Adm. Pr. 14; 4 Ohio R. 197; 1 Wilc. R. 510. 
       3. The debt which arises on such letter, in its simplest form, when 
  complied with, is between the mandator and the mandant; though it may be so 
  conceived as to raise a debt also against the person who is supplied by the 
  mandatory. 1. When the letter is purchased with money by the person wishing 
  for the foreign 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 merchant. 
  The payment of the money by the person on whom the letter is granted raises 
  a debt, or goes into account between him and the writer of the letter; but 
  raises no debt to the person who pays on the letter, against him to whom the 
  money is paid. 2. When not so purchased, but truly an accommodation, and 
  meant to raise a debt on the person accommodated, the engagement, generally 
  is, to see paid any advances made to him, or to guaranty any draft accepted 
  or bill discounted and the compliance with the mandate, in such case, raises 
  a debt, both against the writer of the letter, and against the person 
  accredited. 1 Bell's Com. 371, 6th ed. The bearer of the letter of credit is 
  not considered bound to receive the money; he may use the letter as he 
  pleases, and he contracts an obligation only by receiving the money. Poth. 
  Contr. de Change, 237. 
  
  

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