Glossary entry

English term or phrase:

standing to our credit

English answer:

by which we are in credit

Added to glossary by Jack Doughty
Nov 4, 2010 11:18
13 yrs ago
59 viewers *
English term

standing to our credit

English Bus/Financial Finance (general)
we agree that you may hold any moneys from time to time standing to our credit.....
Change log

Nov 11, 2010 13:45: Jack Doughty Created KOG entry

Responses

+1
25 mins
Selected

by which we are in credit

"with you", presumably.
Peer comment(s):

agree Charlesp : ok
5 hrs
Thank you.
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4 KudoZ points awarded for this answer.
+1
33 mins

held by a bank or similar institution on the account of more than one person

This is language used for an agreement between the holders of an account with a bank or a similar institution who are agreeing to allow that institution to hold their money/funds (credit) in trust with the institution. The credit refers to the fact that the institution is agreeing that the funds/money belong to the holders of the account.
Peer comment(s):

agree Charlesp : ok. and nice explaination.
5 hrs
Thanks Charles.
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6 hrs

that belong to us

A fancy way to say "that belong to us"
- the "us' meaning the person(s) who are signing the agreement, so it is giving permission to someone else to (temporarily) hold money that doesnt belong to them.
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