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A type of loan secured by collateral such as property or shares, where if the borrower defaults the lender can only seize the assets put up as collateral for the loan. The lender cannot seek further compensation from the borrower even if the assets used as collateral do not cover the full amount of the loan.

No recourse shall be had for the payment of any amount owing hereunder or for the payment of any fee hereunder or any other obligation of, or claim against, WFSRC arising out of or based upon Section 3.04(a), against any stockholder, employee, officer, agent, director or authorized person of WFSRC or Affiliate thereof;

A type of debt that is secured by collateral (often real property) but for which the borrower is not personally liable. If the borrower defaults, the lenders recovery is limited to the collateral.

What Is A Nonrecourse Loan? A nonrecourse mortgage loan favors the borrower because it assures the borrower loses only their collateral and will never owe more on their loan than the asset is worth. This means that if you fail to pay your mortgage and the lender forecloses on your home, thats all they can do.

Without Recourse in Banking The payee, Bob, decides to pay off his debt to Maggie by endorsing the check, which involves writing his name on the back exactly as it appears on the front of the check. Once the back of the check is signed, it becomes negotiable and allows for the transfer of money ordered by the check.