without recourse


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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).

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.

References in periodicals archive ?
Where authorised targeted assassinations are official government policies, without recourse to court of law; where indigenous land is misappropriated and awarded by government grants to foreign settlers (Palestinians now own just 10% of the land held in 1948); where child malnutrition is one of the worse in the world - alongside a very healthy neighbour; where killings of Palestinians is 10 for every Israeli and where Israeli propaganda places all the blame on others.
Without recourse to the whip from Reid, the Mujadil colt prevailed in a three-way photo finish against Night Aurora and Ryders Storm.
Chairman Mr Fred Westlake said the group had unused borrowing facilities in place and that together with net cash of pounds 15 million was in a strong position to fund a deal without recourse to shareholders.
He said yesterday: "As experience shows, efforts to promote peace among peoples can succeed only if there is a willingness to engage in a dialogue which respects the rights of all the parties concerned and without recourse to means contrary to the very nature of the negotiating process.
Where does this leave the hundreds of local people that work in the Mint - without recourse to justice?
I have been involved in racing for 45 years and can honestly say I have never seen a more powerful ride without recourse to the whip.
"This time people have to be convinced that this is not a tactical matter but a genuine, permanent and irrevocable commitment to peace and to work through problems without recourse to threat."
The claim that a greater mandate for devolution would have been achieved had more people turned out would be put to the test should John Owen's novel suggestion of providing a tick-box on next year's Assembly ballot papers be adopted and would enable those who remain hostile to the very existence of the National Assembly to record their disapproval without recourse to another referendum.
Supple had told the panel his instructions were to settle the mare and try to put her into the race without recourse to the whip.
"Compared to what it was, they wouldn't have gotten anything," he noted, referring to an earlier State posture that would have merely ended the program and left borrowers and lenders without recourse.
et al., the property owner may not be without recourse. He or she may be able to use the considerable power of the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA, or the Superfund statute) to sue the sewage system.
Within a year he had managed to pass an Act that allowed him and his cabinet the power to pass any future legislation without recourse to parliament.