without recourse financial definition of without recourse. without recourse finance term by the Free Online Dictionary.

Without recourse

Giving the lender no right to seek payment or seize assets in the event of nonpayment from anyone other than the party specified in the debt contract (such as a special-purpose entity).

Non-Recourse Finance

A loan secured by the revenue of the project the loan intends to fund, and nothing else. That is, non-recourse finance does not allow the bank or other lending institution access to the borrower's other assets in the event of default. This is a relatively high-risk form of financing; projects that utilize non-recourse finance generally have uncertain revenue streams and long loan periods.

without recourse

Words sometimes written on the back of a check when one endorses the check over to another. It has the legal effect of preventing recovery of the money from the endorser in case the check is returned as “not sufficient funds” (NSF) or for any other reason. It would be imprudent for anyone to accept a two-party check with the words without recourse written on the back.

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