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
Unsecured long-term debt. There is no collateral or lien on the property. A debenture can only be issued by a financially sound borrower with an excellent credit rating because no ...
Claude in a contract, title, or mortgage that is subject to being annulled, repealed, or revoked upon the satisfaction of a claim or completion of a future event. ...
Changing property ownership. An example is the sale of a home to another. ...
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Something that is inferred, but not explicitly stated. The inference may be deducted from the relevant information. ...
Buyer who is acting in good faith, is not aware of any outstanding claims or rights of others to the property, and has given valuable consideration as part of the business transaction. ...
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