recourse

  

Definitions (2)

1.Loan agreements: Legal right of a lender to seek repayment of the loan from the borrower's (and/or the guarantor's) unpledged personal property, in addition to the property pledged to the lender as collateral.
2.Negotiable instrument: Legal right of the holder to demand and require payment from the drawer, maker, or endorser if the instrument (such as a check, draft, promissory note) is dishonored. See also with recourse and without recourse.

Use recourse in a sentence

  • When Lindsey lost her job and couldn't make her payments, the bank informed her they had no recourse but to call her mortgage.

    3 people found this helpful
  • Because no criminal files were charged, the Martin family had no legal recourse but to sue the Miami police department.

    2 people found this helpful
  • I wondered what my friends recourse would be when he got to Moscow a day before his Visa started and realized he could not get into the country.

    3 people found this helpful
Show more usage examples...

Related Videos




http://www.businessdictionary.com/definition/recourse.html

Have a question about recourse? Ask for help in the
Community
Browse by Letter: # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z