What is BILL OF CREDIT?

In constitutional law. A bill or promissory note issued by the government of a state or nation, upon its faith and credit, designed to circulate in the community as money, and redeemable at a future day. 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 authority given in writing from one person to another, very common among merchants, bankers, and those who travel, empowering a person to receive or take up money of their correspondents abroad.

More On This Topic



Link to This Definition
Did you find this definition of BILL OF CREDIT helpful? You can share it by copying the code below and adding it to your blog or web page.
Written and fact checked by The Law Dictionary