nonrecourse

adjective

non·​re·​course ˌnän-ˈrē-ˌkȯrs How to pronounce nonrecourse (audio)
-ri-ˈkȯrs
: being or based on an agreement in which the lender has no right of recourse to the borrower's assets beyond stated limits
a nonrecourse note
a nonrecourse loan

Examples of nonrecourse in a Sentence

Recent Examples on the Web Through a series of related steps, the seller receives an amount equivalent to the sales price less transactional fees in the form of a nonrecourse unsecured loan and reports the transaction as an installment sale. Carrie Brandon Elliott, Forbes, 20 Apr. 2023 Sinai said lenders charged higher interest rates than banks because making nonrecourse loans, as they are known, was riskier. Ken Belson, New York Times, 9 May 2016

These examples are programmatically compiled from various online sources to illustrate current usage of the word 'nonrecourse.' Any opinions expressed in the examples do not represent those of Merriam-Webster or its editors. Send us feedback about these examples.

Word History

First Known Use

1905, in the meaning defined above

Time Traveler
The first known use of nonrecourse was in 1905

Dictionary Entries Near nonrecourse

Cite this Entry

“Nonrecourse.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/nonrecourse. Accessed 13 Apr. 2024.

Legal Definition

non-recourse

adjective
non-re·​course
ˌnän-ˈrē-ˌkȯrs, -ri-ˈkȯrs
: of, relating to, or being a debt whose satisfaction may be obtained on default only out of the particular collateral given and not out of the debtor's other assets
a non-recourse mortgage
compare recourse
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