- recourse loan
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n.A loan guaranteed by a guarantor or other endorser who agrees to pay the lender if the borrower defaults.
The Essential Law Dictionary. — Sphinx Publishing, An imprint of Sourcebooks, Inc. Amy Hackney Blackwell. 2008.
recourse loan
Look at other dictionaries:
Recourse Loan — A type of loan that allows a lender to seek financial damages if the borrower fails to pay the liability, and if the value of the underlying asset is not enough to cover it. A recourse loan allows the lender to go after the debtor s assets that… … Investment dictionary
recourse loan — Loan on which an endorser or guarantor is liable in event of default of borrower. See also recourse with recourse Compare nonrecourse loan … Black's law dictionary
Mohair Recourse Loan Program — The Mohair Recourse Loan Program is a program authorized by the emergency provisions of the FY1999 USDA appropriations act (P.L. 105 277) that made interest free recourse loans of $2.00 per pound on mohair produced prior to October 1, 1998. Final … Wikipedia
non-recourse loan — A loan secured by a charge on assets. If the borrower defaults and the security does not realise the full value of the loan, the lender cannot recover the shortfall from the borrower. Practical Law Dictionary. Glossary of UK, US and international … Law dictionary
limited recourse loan — Finance provided by means of a loan that is secured by a charge on assets. Should the borrower default, the lender is entitled to enforce the charge but can recover only a limited amount of any shortfall directly from the borrower itself. This… … Law dictionary
non-recourse loan — loan which becomes a grant under certain circumstances … English contemporary dictionary
recourse — To recur. The right of a holder of a negotiable instrument to recover against a party secondarily liable, e.g., prior endorser or guarantor. Therefore, if a prior endorser signs without recourse, he exempts himself from liability for payment, but … Black's law dictionary
loan — A lending. Delivery by one party to and receipt by another party of sum of money upon agreement, express or implied, to repay it with or without interest. Boerner v. Colwell Co., 21 Cal.Sd 37, 145 Cal.Rptr. 380, 384, 577 P.2d 200. Anything… … Black's law dictionary
loan — A lending. Delivery by one party to and receipt by another party of sum of money upon agreement, express or implied, to repay it with or without interest. Boerner v. Colwell Co., 21 Cal.Sd 37, 145 Cal.Rptr. 380, 384, 577 P.2d 200. Anything… … Black's law dictionary
recourse — The right to seek repayment of debt. Usually used to describe the right to seek repayment from an originator or prior endorser who sold or assigned debt to another party. American Banker Glossary Term describing a type of loan. If a loan is with… … Financial and business terms
