recourse

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Related to With Recourse: Without recourse

Recourse

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Paper, such as a check or promissory note, to receive payment on it from anyone who has signed it if the individual who originally made it is unable, or refuses, to tender payment.

Recourse is the right of the holder to recover against a prior endorser, who is secondarily liable. When a check is endorsed without recourse, it signifies that the endorser will not be liable to pay in the event that payment is refused.

recourse

n. the right to demand payment to the writer of a check or bill of exchange. (See: check, bill of exchange)

recourse

noun avail, benefit, confugere, correccive device, corrective measure, device, disposal, legal redress, means, redress, remedy, resource, se applicare, se conferre
Foreign phrases: Electa una via, non datur recursus ad alleram.He who has chosen one course cannot have reeourse to another.
See also: alternative, option, tool

recourse

the right to demand payment, especially from the drawer or indorser of a BILL OF EXCHANGE or other NEGOTIABLE INSTRUMENT when the person accepting it fails to pay. Hence, without recourse is a qualified indorsement on such a negotiable instrument, by which the indorser protects himself from liability to subsequent holders.
References in periodicals archive ?
77, Reporting by Transferors for Transfers of Receivables with Recourse, according to James A.
Under generally accepted accounting principles (GAAP)--or more specifically Financial Accounting Standard 77 (FAS 77)--which the bill proposes to utilize, a bank may remove from its balance sheet an asset sold with recourse even if it has retained the risk of ownership.
Since 1990, when the Federal Financial Institutions Examination Council (FFIEC) requested comments on the appropriate reporting and capital treatment of asset sales with recourse, the interagency task force has been devising a structure for applying risk-based capital to different levels of recourse risk.
Under generally accepted accounting principles (GAAP)--or, more specifically, financial accounting standard (FAS) 77--which the bill as introduced proposed to utilize, a bank may remove from its balance sheet an asset sold with recourse even if it has retained the risk of ownership.
The financial institution chooses instead to sell a participating interest in $8 million of the loans, with recourse.
4 million as the result of the elimination of the Company's repurchase liability for loans sold with recourse.
Revised estimates were made of the Bank's repurchase liability for loans sold with recourse and of the Bank's California Franchise Tax liability related to bad debt reserves.