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
Time period in which one may carry out a lien on property. ...
Individual making the payments in a mortgage or pledging a mortgage or property. ...
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Type of mortgage, which is not based on a constant interest rate. ...
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