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recourse definition - legal

n

A course of action for enforcing a claim; the right of the holder of a note to demand full payment of that note if the terms are not fully honored; the right to be repaid from the borrowerÂ’s or cosignerÂ’s personal assets in excess of the collateral.

Webster's New World Law Dictionary Copyright © 2006 by Wiley Publishing, Inc., Hoboken, New Jersey.
Used by arrangement with John Wiley & Sons, Inc.

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