nonrecourse

adjective non·re·course \ ˌnän-ˈrē-ˌkȯrs , -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

Recent Examples of nonrecourse from the Web

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


Law Dictionary

non-recourse

adjective 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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to suppress quietly or indirectly

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