What does bill of credit mean?

bill of credit meaning in Law Dictionary

In constitutional legislation. A bill or promissory note granted by the government of a state or country, upon its faith and credit, built to move in the community as money, and redeemable at another time. Briscoe v. Bank of Kentucky, 11 Pet. 271, 9 L. Ed. 709; Craig v. Missouri, 4 Pet. 431, 7 L. Ed. 903; Hale v. Huston, 44 Ala. 138, 4 Am. Rep. 124. In mercantile law. A license or expert given written down from a single person to another, very common among merchants, bankers, and people just who travel, empowering an individual for and take up cash of the correspondents abroad.

bill of credit meaning in Business Dictionary

1. Written request by an event (a free account owner or vendor) to a different (a bank or vendor) to offer the bearer a specified sum (or quantity of goods), either from funds of the first celebration held by the 2nd celebration or from the credit advanced level because of the second celebration. A check is a type of bill of credit. 2. IOU released by a federal government, upon its credit and belief only, meant to move in the neighborhood as money redeemable at another day.