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 ?
VICTORY is Warwickshire's number one objective in the Clydesdale 40 semi-final this weekend - but the absolute best-case scenario is a victory achieved without recourse to the reserve day.
of Pittsburgh-Johnstown) deconstructs and analyzes both interpretations, working from patterns and evolutions in the plays, and argues that Behn presents a women's view of women in distress as vulnerable but not without recourse and resources, and as able to forgive the wrong done her and get on with life.
They require notarial certification of leasing agreements and envisage the right to demand leased assets from leaseholder without recourse to court by the execution order.
The judge said: "The encouragement I gave to the parties to try to resolve this litigation without recourse to further - very costly- proceedings remains in place notwithstanding the possibility of an appeal.
The Chairman further observed dissent is the bedrock of democracy and political differences would have to be settled through dialogue and discussion, without recourse to violence.
Finance director Stuart Brown said: "Trading conditions are tough but, because we saw it early and took dramatic steps around the business, we're in a position to weather trade in 2009 and 2010 without recourse to shareholder funds.
Maragkakis noted that if the prosecutor were convinced of the commission of a crime, he would have brought the case before the court next week without recourse to further investigation.
Sir Anthony said: "The proposed protocol aims to encourage mortgage lenders and borrowers to resolve problems arising from mortgage arrears without recourse to the courts.
He insists that he is following a long tradition in philosophy of explaining why people act well or poorly without recourse to supernatural phenomena.
The world should be able to protect Poland without recourse to that spread of weapons.
with a harrowing tale of being abandoned without recourse by an uncaring carrier.
This is a very different America which sees itself as world policeman and gives itself the authority to walk into any country in the world it doesn't agree with without recourse to the United Nations, NATO or anyone else.