TERMIUM Plus®

The Government of Canada’s terminology and linguistic data bank.

circular letter of credit [1 record]

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Record 1 1999-02-11

English

Subject field(s)
  • Banking
CONT

A circular letter of credit ... enables the borrower to negotiate drafts at any one of a number of foreign correspondents which will pay against drafts so drawn to the borrower, thus enabling the borrower to obtain funds wherever he may be travelling.

OBS

A letter requesting one person to make advances to a third person on the credit of the writer is a letter of credit.

OBS

circular letter of credit: term and text reproduced from The Encyclopedia of Banking and Finance, Tenth Edition (1993), by Glenn G. Munn, F.L. Garcia and Charles J. Woelfel, with the permission of the copyright holder, The McGraw-Hill Companies Inc. In no event shall McGraw-Hill have any liability to any party for special, incidental, tort, or consequential damages arising out of or in connection with the use of this material.

French

Domaine(s)
  • Banque
CONT

Lettre de crédit. Lettre missive par laquelle un banquier invite un de ses correspondants à verser au porteur les sommes dont il aura besoin, jusqu'à concurrence d'un chiffre déterminé. Si la lettre de crédit est valable auprès de plusieurs banquiers, elle est dite circulaire.

Spanish

Campo(s) temático(s)
  • Operaciones bancarias
DEF

Documento que puede ser presentado en varios bancos en el curso de su uso.

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