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
Examining and testing the ground to determine the conditions for building something, such as an office building. ...
The assessment sales ratio is a way of measuring the accuracy of a property’s assessed value when compared to the property’s selling price. This measurement gives the ...
Legal proceeding whereby a person's property is attached and used to pay an obligation. The employer may withhold part of the employee's salary to the court until the debt has been paid. ...
Has not been registered on the companies books. It belongs to the person holding it. See also bearer bond; bearer instrument. ...
What is the ANSI (American National Standards Institute) Standard? Before arriving at the definition of ANSI standard, you must know that ANSI stands for The American National ...
Wires, such as for electricity, places beneath the floor of a structure. ...
Projecting what the total cost would be to construct a structure. Costs include material, labor, and lawyers' fees. ...
The definition of the Environmental Protection Agency can be explained by what the agency does. This independent executive agency works for the United States federal government and is ...
Insurance coverage to pay the balance of the mortgage if the wage earner dies. ...
Have a question or comment?
We're here to help.