Irrevocable letter of credit

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Irrevocable letter of credit

Assurance of funds issued by a bank that cannot be canceled or amended without the beneficiary's approval.

Irrevocable Letter of Credit

A letter of credit that neither the bank granting it nor the letter holder (who is the buyer of some good) may cancel under any circumstances. This provides the seller with extra assurance that he/she will be paid on time and in the correct amount. Irrevocable letters of credit are most common in international commerce.
References in periodicals archive ?
176) After providing an overview of the difficulties facing Alaska Natives in rural Alaska, the ILOC Roadmap offers five recommendations for increasing rural law enforcement options: amend the Alaska Native Claims Settlement Act (ANCSA) (177) to overturn Alaska v.
The ILOC Roadmap urges Congress to overturn Venetie Tribal Gov't "by amending ANCSA to provide that former reservation lands acquired in fee by Alaska Native villages and other lands transferred in fee to Native villages pursuant to ANCSA are Indian country.
The ILOC Roadmap next suggests that Congress and the President clarify that Native allotments and townsites in Alaska, which were unaffected by ANCSA, are legally considered Indian country, thus creating a land base for criminal jurisdiction.
Even apart from calls to revise jurisdiction, such as those found in the ILOC Roadmap, there are efforts by various state entities to utilize tribal courts or tribal court principles in the prosecution of criminal offenses under state law.
In responding to the ILOC Roadmap, the State of Alaska made several legal arguments against extending criminal jurisdiction "off reservation" to Alaska tribes.
An attempt to "redefine Indian country" would assume that jurisdiction is necessarily tied to land, which is one of the flaws in the recommendations of the ILOC Roadmap.
In addition to due process protections, tribal courts hearing criminal cases would also be bound by the restrictions of the Indian Civil Rights Act (ICRA), (337) which the State acknowledges in its response to the ILOC Roadmap.
As the ILOC Roadmap concluded, "control and accountability by local Tribes is critical for improving public safety.
This report largely endorsed the five recommendations from the ILOC Roadmap, though it also had a broader focus on recommendations for addressing funding needs and social programs to combat the epidemic of domestic violence and child abuse in rural Alaska.
Since the ILOC Roadmap was published, the exception has been repealed.