Definition: Right to go back for payment to previous endorsers to a negotiable instrument if the first party fails to pay or deliver. Or a source of assistance.
Definition: [crh] Term describing a type of loan. If a loan is with recourse, the lender has a the ability has the ability to fall back to the guarantor of the lDefinition: oan if the borrower fails to pay. For example, Bank A has a loan with Company X. Bank A sells the loan to Bank B with recourse. If Company X defaults, Bank B can demand BaDefinition: nk A fulfill the loan obligation.
<< Go back