Letter of credit

Letter of credit is a legal notice in which a bank or other institution guarantees the credit of one of its customers who is borrowing from another institution.

Category: Banking & Finance

Share it: CITE

Previous:
Computer Programming

Next:
LIBOR

Related Definitions

Transfer of Death (TOD) Account
Transfer-on-death (TOD) Account applies to designated beneficiaries who acquire properties...
Credit Application
Credit Application is permission sought for a loan allowance. It...
Rate of Change
Rate of Change is the measure of how quickly one...
Financial Power of Attorney
Financial Power of Attorney is a legal method that allows...
Waiver of Subrogation
A Waiver of Subrogation is a contractual arrangement wherein one...