|
|
Recourse |
|
|
|
 Home Site Map Add Term Search About Us Contributors |
RecourseTerm describing a type of loan. If a loan is with recourse, the lender has a general claim against the parent company if the collateral is insufficient to repay the debt.Recourse Similar MatchesNonrecourse LoanNonrecourse LoanA loan not allowing for a deficiency judgment. The lender's only recourse in the event of default is the security (property) and the borrower is not personally liable. Nonrecourse loanNonrecourse loanA loan taken by limited partners used to finance their portion of the partnership, which is secured by their ownership in the venture. Without RecourseWithout RecourseA finance term. A mortgage or deed of trust securing a note without recourse allows the lender to look only to the security (property) for repayment in the event of default, and not personally to the borrower. Without Recourse FinancingWithout Recourse FinancingFinancing in which the right of recourse to the party receiving funds is forfeited to the party advancing funds. This may be evidenced by conditions added to the endorsement of a draft being sold by an exporter in order to protect the exporter, if the instrument is not paid at maturity by the original obligor. NonrecourseNonrecourseIn the case of default, the lender has ability to claim assets over and above what the limited partners contributed. Further SuggestionsWithout recourse |
|
|
|