letter of credit right

Definition of "letter of credit right"
  1. The right to payment and actions in accordance with a letter of credit as prescribed under section 9-102 of the Uniform Commercial Code
How to use "letter of credit right" in a sentence
  1. The business was able to secure a loan due to their letter of credit right.
  2. The bank honored their letter of credit right and made the necessary payment.
  3. Understanding his letter of credit right was crucial for the investor when navigating his business deals.
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