recourse

(redirected from recourses)
Also found in: Dictionary, Thesaurus, Financial, Idioms, Encyclopedia.
Related to recourses: resources

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such as a check or promissory note, to receive payment on it from anyone who has signed it if the individual who originally made it is unable, or refuses, to tender payment.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

West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.

recourse

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

Copyright © 1981-2005 by Gerald N. Hill and Kathleen T. Hill. All Right reserved.

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.
Collins Dictionary of Law © W.J. Stewart, 2006
References in periodicals archive ?
(2) In United States--Tax Treatment for "Foreign Sales Corporations," Second Recourse to Article 21.5 of the DSU by the European Communities (US-FSC), (3) the DSB upheld the findings of the Panel and Appellate Body that the United States created a form of prohibited subsidy in continued violation of the SCM Agreement and Article 21.5 of the DSU in its tax treatment of foreign sales corporations (FSCs).
(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.
(19) In this second recourse by the EC to Article 21.5 of the DSU, the DSB referred the matter to a panel, which found that "the inconsistencies with ...
(4.) See Appellate Body Report, United States--Tax Treatment for "Foreign Sales Corporations" Second Recourse to Article 21.5 of the DSU by the European Communities, [paragraph] 100, WT/DS108/AB/RW2 (Feb.
(5.) AB Second Recourse, supra note 4, [paragraph] 80.