Restricted Letter of Credit Law and Legal Definition
A restricted letter of credit refers to a letter of credit which restricts negotiation to the bank which the issuing bank has nominated in the credit. In a restricted negotiable letter of credit, the authorization from the issuing bank to pay the beneficiary is restricted to a specific nominated bank. An unrestricted letter of credit may be negotiated through any bank of the beneficiary's choice.
Legal Definition list
- Restricted Land
- Restricted Financial Transaction
- Restricted Data
- Restricted Class [Federal Elections]
- Restricted Area
- Restricted Letter of Credit
- Restricted Movement
- Restricted Stock
- Restricted Transaction [Banks & Banking]
- Restricted Visibility
- Restriction Affecting Flight Procedures [Aeronautics and Space]