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LSDefine

Simple English definitions for legal terms

letter of credit

Read a random definition: Legal Writing Institute

A quick definition of letter of credit:

A letter of credit is like a special note from a bank that says you can take out a certain amount of money. You can use this note at the bank or other places that the bank works with. It's not the same as having an account with the bank.

A more thorough explanation:

A letter of credit is a document issued by a bank that allows the holder to withdraw a specific amount of money from the bank or its associated branches or agencies. It is not considered an account in the law of secured transactions.

Let's say a company in the United States wants to purchase goods from a supplier in China. The supplier may require a letter of credit from the buyer's bank to ensure payment. The buyer's bank issues the letter of credit, which guarantees payment to the supplier once the goods are delivered.

Another example could be a student studying abroad who needs to show proof of financial support to obtain a student visa. The student's parent could obtain a letter of credit from their bank to show that they have the necessary funds to support their child's education.

These examples illustrate how a letter of credit can be used to provide assurance of payment or financial support in various situations.

let | letter of marque

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this election has the potential to push america further into ultranationalist populism
Dkk
19:42
Maybe, didnt happen last time.
19:42
it was hard to not improve it. google search was terrible due to the ads and seo cheaters with buzz words and alt text
Dkk
19:42
SEO is big money
2016 pushed the conservative party into populism irreversibly
Dkk
19:43
Maybe, but if this is populism, then every election is populist.
19:43
@Dkk: yeah register 1 website and every swinging tom dick and harry calls/emails/texts to 'help with seo'. like bruh, if YOU found it, what i am doing is working
Dkk
19:43
Indeed!
19:48
wasp, i think people are hopeful for a gov who at least attempts to care about the common man
MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
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