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LSDefine

Simple English definitions for legal terms

traveler's letter of credit

Read a random definition: paid into court

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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General

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Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
BulbasaurNoLikeCardio
7:51
@texaslawhopefully: best prices and only fast food that doesn't make me sick
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