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Simple English definitions for legal terms

traveler's letter of credit

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A quick definition of traveler's letter of credit:

A traveler's letter of credit is a document that a bank gives to someone who is traveling to another country. It says that the bank will give the person money in the local currency when they need it. The person can use this document to get money from a bank in the other country. They just need to show the document and their ID. It's like having a special kind of money that works in a different country.

A more thorough explanation:

A traveler's letter of credit is a type of letter of credit that is used by a person traveling abroad. It is addressed to a correspondent bank, from which one can draw credit by identifying oneself as the person in whose favor the credit is drawn. The issuing bank authorizes payment of funds to the holder in the local currency by a local bank. The holder signs a check on the issuing bank, and the local bank forwards it to the issuing bank for its credit.

For example, if John is traveling to Japan and needs to access funds in the local currency, he can obtain a traveler's letter of credit from his bank. He can then go to a local bank in Japan, identify himself as the person in whose favor the credit is drawn, and sign a check on the issuing bank. The local bank will then forward the check to John's bank for payment.

Traveler's letters of credit are governed by Article 5 of the UCC and are a type of letter of credit. They are similar to other types of letters of credit, such as commercial letters of credit and standby letters of credit, but are specifically designed for use by travelers.

traveler's check | travel expense

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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
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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