non·​re·​course | \ ˌnän-ˈrē-ˌkȯrs How to pronounce nonrecourse (audio) , -ri-ˈkȯrs\

Definition of nonrecourse

: 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

Sinai said lenders charged higher interest rates than banks because making nonrecourse loans, as they are known, was riskier. Ken Belson, New York Times, "Retired N.F.L. Players Appeal Ruling on Concussion Settlement APRIL 28, 2016," 9 May 2016

These example sentences are selected automatically from various online news sources to reflect current usage of the word 'nonrecourse.' Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us feedback.

First Known Use of nonrecourse

1905, in the meaning defined above

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The first known use of nonrecourse was in 1905

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non-re·​course | \ ˌnän-ˈrē-ˌkȯrs, -ri-ˈkȯrs\

Legal Definition of non-recourse

: 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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