google bot detected Without Recourse | Real Estate Glossary | Realestateagent.com

Without Recourse


Definition of "Without recourse"

Cisco Cardoso
  Rio Properties & Investments LLC

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.



Related Real Estate Glossary terms

Related Real Estate FAQ