full faith and credit

Thesaurus

Noun

full faith and credit - a guarantee to pay interest and principal on debt; usually issued by the United States Treasuryguarantee - an unconditional commitment that something will happen or that something is true; "there is no guarantee that they are not lying"

full faith and credit

n. the provision in Article IV, Section 1 of the U. S. Constitution which states: "Full faith and credit shall be given in each State to the public acts, records and judicial proceedings of every other state." Thus, a judgment in a lawsuit or a criminal conviction rendered in one state shall be recognized and enforced in any other state, so long as the original judgment was reached by due process of law. Each state has a process for obtaining an enforceable judgment based on a "foreign" (out-of-state) judgment.

Full faith and credit

Full Faith and Credit

A situation in which a government agrees to repay a debt no matter what. For example, if a bond is backed by the full faith and credit of the United States, the U.S. government must find some way to repay the bond. U.S. Treasury securities, Ginnie Mae bonds, and some other debt securities are call full-faith-and-credit bonds because they have this backing. Municipalities may also attach full faith and credit to their bonds, but this means less than the credit of the United States.

Full faith and credit.

Federal and municipal governments can promise repayment of debt securities they issue because they can raise money through taxes, borrowing, and other sources of revenue. That power is described as full faith and credit.

AcronymsSeeflat-field correction

full faith and credit

noun

Words related to full faith and credit

noun a guarantee to pay interest and principal on debt

Related Words

guarantee

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