- Recourse note
A recourse note is a
debt note held by a lender that entitles the lender to seek financial recourse upon the default of the borrower. The note is usually secured by amortgage or adeed .ee also
*
Loan
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Recourse note
Look at other dictionaries:
recourse note — see note Merriam Webster’s Dictionary of Law. Merriam Webster. 1996 … Law dictionary
non–recourse note — see note Merriam Webster’s Dictionary of Law. Merriam Webster. 1996 … Law dictionary
recourse — re·course / rē ˌkōrs, ri kōrs/ n 1 a: the act of turning to someone or something for assistance esp. in obtaining redress b: a means to a desired end esp. in the nature of a remedy or justice; also: the end itself 2: the right or ability to… … Law dictionary
note — 1 n 1 a: a written promise to pay a debt; specif: promissory note in this entry bank note: a promissory note issued by a bank payable to bearer on demand but without interest and circulating as money cog·no·vit note /käg nō vit , kōg /: a note in … Law dictionary
without recourse — adverb conditional endorsement, qualified endorsement, restricted, subject to terms associated concepts: endorsement without recourse Burton s Legal Thesaurus. William C. Burton. 2006 without recourse … Law dictionary
Senior Convertible Note — A debt security that contains an option where the note will be converted into a predefined amount of the issuer s shares. A senior convertible note has priority over all other debt securities issued by the same organization. Since the bondholder… … Investment dictionary
without recourse — Words that may be used by a drawer in signing a draft or check so as to eliminate completely the drawer s secondary liability. This phrase, used in making a qualified indorsement of a negotiable instrument, signifies that the indorser means to… … Black's law dictionary
Without Recourse — This phrase has several meanings. In a general sense, when the buyer of a promissory note or other negotiable instrument assumes the risk of default. Without recourse can also refer to a financing arrangement where the dealer s maximum possible… … Investment dictionary
without recourse — (law and commerce) A qualified endorsement of a bill or promissory note indicating that the endorser takes no responsibility for non payment • • • Main Entry: ↑recourse * * * Finance a formula used to disclaim responsibility for future nonpayment … Useful english dictionary
with recourse — record written on a promissory note that determines that the endorser is still a guarantor on the debt … English contemporary dictionary
