Line of Credit

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Line of Credit

The maximum borrowing power granted to a person from a financial institution.

Line of credit denotes a limit of credit extended by a bank to a customer, who can avail himself or herself of its full extent in dealing with the bank but cannot exceed this limit. It most frequently covers a series of transactions, in which case, when the customer's line of credit is nearly exhausted or not replenished, the customer is expected to reduce the indebtedness by submitting payments to the bank before making additional use of the line of credit.

West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.
References in periodicals archive ?
This is not deliberate deception--just honest, unavoidable errors, As one colleague put it, "In a running account of a story, there will always be misinformation no matter how hard the reporter works.
This running account allows the negotiators to write notes and design specific phrases for the initial interpreter to use in the upcoming contacts.
It is Congress' answer to protect the running account creditor.
The National Debt Clock, a trailer-mounted digital clock that keeps a running account of the total federal debt, provided a backdrop for the news conference, which was held at the U.S.
Write a check and the payee date, amount, and check number are automatically recorded in the checkbook register, along with the running account balance.
In the "Batching Zone Configuration", the software keeps a running account of both accumulated weight and average.
Aboard the destroyer Yukikaze, LieutenantShibata kept a running account of the ship's rescue efforts to Captain Terauchi, who was then at the helm.
What I wish to know is why the media, especially the BBC, give us a running account of British casualties but never give the Taliban casualties.
The college paper at Virginia Polytechnical Institute kept a running account of the tragedy that struck the campus today, with more than 30 students gunned down in at least two areas of the campus, a dorm and a classroom.
He intersperses his tale with a running account of the Imperial diehards' final abortive coup attempt to delay the inevitable.
In it, Noonan claims Balch owes approximately $197,139 to the company as a part of a "running account" created for Balch officers as a way to provide cash advances and other payments.