Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Nonrecourse
adj. Of or relating to an obligation that can be satisfied only out of the collateral securing the obligation and not out of the debtor's other assets.
nonrecourse loan
See LOAN.
nonrecourse note
See NOTE ( I).
nonrecourse note.
A note that may be satisfied upon default only by means of the collateral securing the note, not by the debtor's other assets. Cf. recourse note.