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11208Re: [Czechlist] URGENT TERM: Letter cheque

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  • Alena Ockova
    May 2, 2002
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      --- Irena Steinerova <irena.steinerova@...> wrote:
      > Hi there,
      > Is anyone familiar with the expression above?
      > Context:
      >
      > "The order of cheque issuance means: ............
      > issues a letter cheque in
      > favour of a beneficiary in .......... and on the
      > instruction an
      > authorization of DZ Bank AG. ............. accepts
      > responsibility for
      > issuing a letter cheque and sends it directly to the
      > adress of the creditor
      > (beneficiary), including the name, adress and
      > references of the debitor as
      > well as information concerning the transaction. When
      > the letter cheque is
      > established and forwarded to the creditor no stop
      > payment is possible
      > afterwards."
      >
      > I haven't found it in any dictionary; there are a
      > few references on Google
      > but no explanation. Could it be something like
      > "akreditiv"??

      This transaction cannot work as a Letter of Credit
      (akreditiv). My guess is that this is a poor
      translation from a German text (the idea derived from
      the reference to AZ Bank AG) where the original term
      was Briefscheck = Korrespondenzscheck in German, i.e.
      correspondence cheque in English. A correspondence
      cheque is a normal cheque to which a sheet is attached
      for notes and details replacing an accompanying
      letter. Some legislations consider correspondence
      cheque as a binding order (e.g. Switzerland). It would
      fit the description above as well. If the underlying
      transaction is a sale of goods than the parties should
      be rather referred to as buyer and seller, the seller
      being the beneficiary. The reference to creditor and
      debtor (not debitor) remotely suggests that the cheque
      might be used as an instrument of repayment of a loan.
      Technically it should be possible, however, I have
      never come across such structure.
      Does it make any sence at all within the context of
      your text?
      Alena

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