Letter of Credit - Personal Finance Glossary - E-PersonalFinance

    • Letter of Credit

    A "letter of credit" is a form of guarantee of payment by a bank or financial institution. Letters of credit are often used in international transactions to guarantee payments due to a seller of goods.

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    Grantor Retained Income Trust

    A "Grantor Retained Income Trust" or "GRIT" is a trust where the grantor...

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