NEGOTIATION CREDIT
\nɪɡˈə͡ʊʃɪˈe͡ɪʃən kɹˈɛdɪt], \nɪɡˈəʊʃɪˈeɪʃən kɹˈɛdɪt], \n_ɪ_ɡ_ˈəʊ_ʃ_ɪ__ˈeɪ_ʃ_ə_n k_ɹ_ˈɛ_d_ɪ_t]\
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The issuer specifically states that this documentary credit is available by negotiation. The issuer's owes this money as an obligation continued to its drawers, endorsers, and bona fide holder for value for drafts drawn under it. Erroneously also known as negotiable credit. Also refer to straight credit.
By Henry Campbell Black
Word of the day
SQ10,643
- A serotonin antagonist with limited antihistaminic, anticholinergic, and immunosuppressive activity.