credit

Noun: The quality that attracts trust, particularly trust in one's disposition and capacity to pay. Dry Dock Bank v American Life Ins. & Trust Co.. 3 NY 344, 356. The antonym of cash on delivery; the trust or confidence which is reposed by the seller in the buyer when the time of payment is extended without security. Parrish v American Ry. Employees' Pub. Corp. 83 Cal App 298, 256 P 590. An accounting term for what appears to be owing by one person to another upon an accounting between the two. Propper v Clark, 337 US 472, 93 L Ed 1480, 69 S Ct 1333, reh den 338 US 841, 94 L, Ed 514, 70 S Ct 33. Most broadly defined as the obligation owing by the debtor to his creditor, including a promissory note. Davis v Mitchell, 34 Cal 81. But not a share of corporate stock. In some jurisdictions, for the purpose of garnishment, something belonging to the defendant but in the possession and under the control of the garnishee. 6 Am J2d Attach § 449. As the term "credits" is defined by an Ohio tax statute, it means the excess of the sum of all legal claims and demands, whether for money or other valuable thing, or for labor or service due or to become due to the person liable to pay taxes thereon, over and above the sum of the legal bona fide debts owing by such person. Fayette County v People's & Drover's Bank, 47 Ohio St 503, 25 NE 697. The term "credit" also stands for the certification earned by a student upon the successful completion of a subject or course of study. Again, it represents a reward to a prisoner for good conduct, the ultimate effect of which may be the shortening of the time of his imprisonment. 41 Am J1st Pris & P § 44. Verb: To acknowledge a payment of or upon an obligation. To give credence to a statement. See letter of credit; tax credit.