Recourse is the right of a holder of a Bill of Exchange to demand payment from a person rather than the acceptor. Bills may be endorsed “without recourse” in which case the endorser does not become liable to any holder.
Recourse in the context of a sale of a loan by a bank to investors, they have the right
to call the guarantee from the bank should the borrower be unable to meet its obligations
Webster Dictionary Meaning
- Recurrence in difficulty, perplexity, need, or the like; access or application for aid; resort.
- Access; admittance.
- To have recourse; to resort.
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