recourse

Definition 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.

Definition 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.


recourse is...

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