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without recourse |
Also found in: Dictionary/thesaurus, Legal | 0.04 sec. |
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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). 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. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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