without recourse

listen to the pronunciation of without recourse
English - Turkish
(Ticaret) sorumlu olmaksızın
English - English
A type of mortgage which is secured by the property alone and does not become a liability of the borrower
Without the lender having any right to seek payment or seize assets in the event of nonpayment from anyone other than the party (such as a special-purpose entity) specified in the debt contract
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)
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 Such an endorsement constitutes a warranty of the genuineness of the instrument prior to the endorsement
loans or leases acquired from the original lender/lessor that are not guaranteed by the originator, prevents the lender from seeking payments or seizing assets from anyone other than the party specified in the contract
A finance term A mortgage or deed of trust securing a note without recourse allows the lender to look only to the security (property) for repayment in the event of default, and not personally to the borrower
A mortgage in which the lender will not pursue personal liability against the borrower The lender's security is the real estate being financed
Negotiation of a draft, or other negotiable instrument, or letter of credit documents without the normal warranty on the part of the seller of the instrument/documents that the obligor named in the instrument (the "drawee," "payor," or "maker") will pay Although the seller is still responsible for the genuineness of the instrument and documents, the purchaser takes on the credit risk of being able to collect payment from the obligor when due Unless negotiation is without recourse, the purchaser of the instrument/documents has the right to recover the face amount from the seller if the obligor fails or refuses to pay for any reason
record written on a promissory note that indicates that the endorser has ceased to be a guarantor on the debt
When added to a Bill of Exchange (Draft), these words indicate that the holder has no recourse to the person from whom he took the Bill, should it not be paid It often appears after an endorsement
without recourse

    Hyphenation

    with·out re·course

    Turkish pronunciation

    wîdhaut rikôrs

    Pronunciation

    /wəᴛʜˈout ˈrēkôrs/ /wɪðˈaʊt ˈriːkɔːrs/
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