non-recourse loan definition

non-recourse loan

Loan agreement under which the collateral securing a loan is the ultimate source of repayment, and the lender cannot hold the borrower personally liable in the event of a default. The lender can seize (and sell) the collateral but cannot seize non-pledged asset or property. See also recourse loan.

non-recourse loan is in the Banking, Commerce & Finance and Corporate, Commercial, & General Law subjects.

non-recourse loan appears in the definition of the following term: recourse loan

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