The use of someone or something as a source of help in a difficult situation
a means of solving disputes without recourse to courts of law
all three countries had recourse to the IMF for standby loans
The legal right to demand compensation or payment
the bank has recourse against the exporter for losses incurred
act of turning to for assistance; "have recourse to the courts"; "an appeal to his uncle was his last resort"
something or someone turned to for assistance or security; "his only recourse was the police"; "took refuge in lying"
Teacher Support Network consists of a group of independent charities and a social enterprise in the United Kingdom and the United States. ...
The act of seeking assistance or advice
ability of lender to make claims against borrower personally in addition to the collateral.
A loan for which the borrower is personally liable for payment is the borrower defaults.
The right of the holder of a note secured by a mortgage or deed of trust to claim money from the borrower in default in addition to the property pledged as a collateral.
The right to claim a refund from another party which has handled a bill at an earlier stage.
In this type of factoring, the risk of customer non-payment remains with the client. If the client's customer is financially unable to pay the money due under the invoice, the factor has recourse against the client for that money. The factor is protected against customer non-payment.
The right to claim against a prior owner of a property or note.
Refers to the right, in an agreement, to demand payment from the person who is taking on an obligation. A full recourse loan refers to the right of the lender to take any assets of the borrower if repayment is not made. ...
Refers to the right to demand or seek payment from the endorser or maker of a negotiable instrument such as a cheque.
Term describing a type of loan. If a loan is with recourse, the lender has a the ability has the ability to fall back to the guarantor of the loan if the borrower fails to pay. For example, Bank A has a loan with Company X. Bank A sells the loan to Bank B with recourse. ...
In mortgage finance, a contingent liability (typically recorded as an off-balance-sheet obligation) arising when a lender or investor sells a loan but remains responsible for the payment of any outstanding debt in the event of its default. ...
A next step; another plan or procedure to follow.
The right to demand return of money paid. In negotiation of a letter of credit, payment by the negotiating bank will normally be with recourse (i.e. if the Issuing bank subsequently does not pay).
The right of a person or holder in due course to demand payment from anyone who endorsed an instrument if the original signer fails to pay.
this means that an invoice will be given back to the client if the customer fails to pay within an agreed period known as the recourse period.
The broker takes responsibility for any bad debt.
The right of an individual who is holding a COMMERCIAL PAPER, such as a check or promissory note, to receive payment on it from anyone who has signed it if the individual who originally made it is unable, or refuses, to tender payment.
In riskier portfolios, lenders may require partial or full recourse on purchased accounts. If a contract were to default during a recourse period, the seller would be responsible for the settling the debt either by paying the lender or replacing the contract with one of equal value.
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Generally, a period in which accounts purchased by the factor are able to revert to the account creditor if unpaid due to an insolvency event. The client accepts full credit risk for any and all accounts that it sells to the factor during this period.
The right of a lender to reclaim both money and collateral from a borrower who has defaulted on a loan.
This type of debt allows the lender to collect from the debtor and the debtor’s assets in the case of default as opposed to foreclosing on a particular property or asset as with a home loan or auto loan. Opposite of Non-Recourse.