nonrecourse

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adjective non·re·course \ˈnän-ˈrē-ˌkȯrs, -ri-ˈkȯrs\

Definition of nonrecourse

  1. :  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

1905

First Known Use of nonrecourse

1905

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