Without Recourse
Definition of "Without recourse"
The company is not responsible to a third party if an account or financial instrument is dishonored by the debtor. The creditor's recourse is solely to the debtor's property. An example is when a company sells accounts receivable to a factor to obtain money. If the customer defaults, the factor cannot recover the amount due from the company.
Popular Real Estate Terms
Also called a rollover mortgage. Provides a borrower with a fixed-rate mortgage that expires at a preestablished time, such as in four years. This permits the lender and borrower to ...
Business that transforms an underdeveloped tract of land into plots ready for construction. ...
The definition of front foot is a person or an entity that has an advantage or has the initiative. It could also be used to suggest that someone is taking an offensive position. Based on ...
The term accusation refers to a declaration made by an individual about another individual or entity having behaved in an immoral, improper, or wrong manner. The two parts of an accusation ...
Large scale map of an urban area detailing land use. City plans are essential for projecting the growth, development, and redevelopment of the urban area. The major objective of a city plan ...
The definition of obligee is the person to whom a debt or obligation is owed. An obligee is one party of a contract to who the other party, the obligor, is obligated. An obligee is also the ...
Notice sent from a plaintiff to a defendant requiring the defendant to appear before a court or judge. For example, a landlord might send a summons to a tenant regarding a notice of ...
Principle stating that all joint tenants must acquire their interest from the same deed or will. ...
Insulation covered on each side by a material, such as metal. ...
Have a question or comment?
We're here to help.