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Encyclopedia Britannica



LETTER OF CREDIT

This article appears in Volume V16, Page 501 of the Encyclopedia Britannica.

Encyclopedia Britannica - Main :: LEO-LOB
LETTER OF CREDIT , a
letter
 , open or sealed, from a banker or
merchant
 , containing a request to some other person or
firm
  to advance the bearer of the
letter
 , or some other person named therein, upon the credit of the writer a particular or an unlimited sum of money. A letter of credit is either general or
special
 . It is general when addressed to merchants or other persons ingeneral, requesting an advance to a third person, and
special
  when addressed to a particular person by name requesting him to make such an advance. A letter of credit is not a negotiable
instrument
 . When a letter of credit is given for the
purchase
  of goods, the letter of credit usually states the particulars of the merchandise against which bills are to be
drawn
 , and
shipping
  documents (bills of lading, invoices,
insurance
  policies) are usually attached to the draft for acceptance.


End of Article: LETTER OF CREDIT


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