without recourse
Definition
Without subsequent liability. As a legal term it signifies that a buyer (and not the seller) of an asset, or the holder (and not the drawer) of a negotiable instrument, is assuming the risk of non-performance of the asset or the non-payment of the instrument. See also with recourse.
without recourse is in the Banking, Commerce & Finance and Corporate, Commercial, & General Law subjects.
without recourse appears in the definitions of the following terms: forfaiting, leveraged lease, investment project, with recourse, as is, recourse, qualified endorsement and non-recourse
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