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URGENT TERM: Letter cheque

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  • Irena Steinerova
    Hi there, Is anyone familiar with the expression above? Context: The order of cheque issuance means: ............ issues a letter cheque in favour of a
    Message 1 of 3 , May 2 6:27 AM
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      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"??

      Many thanks for any ideas.
      Irena
    • Alena Ockova
      ... 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
      Message 2 of 3 , May 2 5:24 PM
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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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      • Irena Steinerova
        Hi Alena, Thank you very much for your explanation. I should have mentioned that the text was a rather poor translation from German. It deals with, as they
        Message 3 of 3 , May 2 5:42 PM
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          Hi Alena,
          Thank you very much for your explanation. I should have mentioned that the
          text was a rather poor translation from German. It deals with, as they say,
          "cross border electronic funds transfer".
          Thanks again for your prompt answer!
          Irena


          -----Pùvodní zpráva-----
          Od: Alena Ockova <ockova@...>
          Komu: Czechlist@yahoogroups.com <Czechlist@yahoogroups.com>
          Datum: 3. kvìtna 2002 2:27
          Pøedmìt: Re: [Czechlist] URGENT TERM: Letter cheque


          > --- 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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