cable transfer of exchange

cable transfer of exchange
An arrangement whereby the person contracting to deliver exchange contracts that he will make available by cable to the person contracting to take such exchange, a credit of the amount specified, at the point specified, and at the time specified. In such an agreement there is no guaranty or necessary implication that the contractor has any credit which he is selling, or agreeing to sell, or that he will place the credit through a third party as correspondent. Equitable Trust Co. v Keene, 232 NY 290, 133 N E 894, 19 ALR 1137, 1139.

Ballentine's law dictionary. . 1998.

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