Memorandum of credit (Memo of credit)
Definition: A document from a bank or other financial institution attesting to the credit worthiness of an individual, allowing the holder to make purchases without currency, as at a real estate or art auction. Such a memo may be required before bidding privileges are granted at such an auction, or before making an offer on an expensive parcel of real estate.
Terms, Definitions, and Concepts: Auction, Finance and Investment, Management, Real Estate
Added: Fri Oct 17 2008