recourse


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Related to recourse: Without recourse, have recourse to

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Paper, such as a check or promissory note, to receive payment on it from anyone who has signed it if the individual who originally made it is unable, or refuses, to tender payment.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 ?
1.752-2(b)(1), a member bears the economic risk of loss with respect to an LLC recourse liability to the extent that, after a no-value liquidation (see below), the member (or member affiliate) would be obligated to make a payment to another person or the LLC.
In a recourse or non recourse factoring arrangement, this requirement shall be fulfilled by way of an instruction under the notice of assignment (addressed to the purchaser by the company), that the assigned receivables will be deposited in the factor's designated account.
Thus: The object of the recourse for the law's interest is represented by the assurance of a unitary interpretation and application of criminal laws and criminal procedures all across Romania when law matters received different solutions from the judiciary instances.
If upheld, the ruling could create great uncertainty about the recourse provisions of thousands of current, terminated and troubled CMBS apartment loans worth more than $100 billion made over the last decade.
The majority of mortgage lenders insist on full recourse to the borrower for environmental problems associated with the property and a breach by the borrower of the environmental covenants and warranties.
Table--4 Value of factoring credits with recourse by regions Regions 2005 2006 Share Share (Rp billion) (Rp billion) (%) (%) Jakarta 579.75 488.44 53.36 43.48 West Java 332.01 274.58 30.56 24.44 Banten 0 218.3 0 19.43 Kalimantan 51.49 46.87 4.74 4.17 Sumatra 73.34 38.77 6.75 3.45 Central Java 17.29 22.38 1.59 1.99 East Java 11.41 14.17 1.05 1.26 Other regions 21.23 19.48 1.95 1.73 Outside Indonesia 0 0.50 0 0.04 Total 1.086.52 1.123.49 100 100 Source: Data Consult
(13) The EC, however, asserted that the ETI Act continued to violate the SCM Agreement, the Agreement on Agriculture, and GATT 1994, and sought recourse to Article 21.5 of the DSU for the United States' failure to bring the IRC into compliance.
The program operates independently of the diocese and is open to victims who no longer have legal recourse or who wish to explore an alternative to legal action.
citizen for three and a half years without any judicial recourse? Like Napoleon crowning himself because there was no mortal he recognized as his superior, Mr.
The buyer also gains the ability to seek recourse over an issue that might otherwise be subject to materiality, knowledge or other qualifiers.
Homeowners who use unlicensed contractors' services are precluded from seeking monetary recovery from the various residential recovery funds established in many states, and they have little recourse through the civil court system of collecting any judgments they may receive.
Surplus Note Structure: This alternative (See "Securitization Through the Issuance of Surplus Notes" below.) involves the issuance of subordinated, unsecured notes linked to the performance of a policy block, with no recourse to the company.