Without recourse: Difference between revisions
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imported>Administrator (CSV import) |
imported>Doug Williamson (Classify page.) |
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Where the borrower under a specialised lending product is not liable to repay the lender, usually because a third party has taken over that obligation. | |||
2. | |||
A phrase followed by the signature of a drawer or endorser of a negotiable instrument, whereby liability is disclaimed to subsequent holders in the event of non-payment. | A phrase followed by the signature of a drawer or endorser of a negotiable instrument, whereby liability is disclaimed to subsequent holders in the event of non-payment. | ||
3. | |||
Normally, the lender/ holder of the negotiable instrument has the ability to claim from an alternative source, usually a guarantor, when ‘without recourse’ applies. | |||
== See also == | == See also == | ||
* [[Forfaiting]] | * [[Forfaiting]] | ||
* [[Payments and payment systems]] | |||
* [[Recourse]] | |||
* [[With recourse]] | |||
[[Category:Financial_products_and_markets]] | |||
Latest revision as of 20:24, 27 June 2022
1.
Where the borrower under a specialised lending product is not liable to repay the lender, usually because a third party has taken over that obligation.
2.
A phrase followed by the signature of a drawer or endorser of a negotiable instrument, whereby liability is disclaimed to subsequent holders in the event of non-payment.
3.
Normally, the lender/ holder of the negotiable instrument has the ability to claim from an alternative source, usually a guarantor, when ‘without recourse’ applies.
