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.
indorsement without recourse.
See qualified endorsement.
no recourse
1. The lack of means by which to obtain reimbursement from, or a judgment against, a person or entity <the bank had no recourse against the individual executive for collection of the corporation's debts>. 2. A notation indicating that such means are lacking <the bill was indorsed "no recourse">. See nonrecourse loan under LOAN; WITHOUT RECOURSE.
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.
recourse
1. The act of seeking help or advice. 2. Enforcement of, or a method for enforcing, a right. 3. The right of a holder of a negotiable instrument to demand payment from the drawer or indorser if the instrument is dishonored. See WITH RECOURSE; WITHOUT RECOURSE. 4. The right to repayment of a loan from the borrower's personal assets, not just from the collateral that secured the loan.
recourse loan
A loan that allows the lender, if the borrower defaults, not only to attach the collateral but also to seek judgment against the borrower's (or guarantor's) personal assets.
recourse note
See NOTE (1).
recourse note.
A note that may be satisfied upon default by pursuing the debtor's other assets in addition to the collateral securing the note. Cf. nonrecourse note.
with recourse,
adv. (In an indorsement) with liability to subsequent holders. 0 With this stipulation, one who indorses an instrument indicates that he or she remains liable to the holder for payment.
without recourse.
without liability to subsequent holders. ( With this stipulation, one who indorses an instrument indicates that he or she has no further liability to any subsequent holder for payment. - Also termed sans recours. without reserve. Of or relating to an auction at which an item will be sold for the highest bid price. without this, that. See ABSQUE HOC.