Nonrecourse Definition
adjective
Pertaining to an obligation that cannot be enforced against the personal assets of the debtor.
Webster's New World Law
(finance) Of or pertaining to a form of financing, typically debt financing, in which the lender's recourse to recovery in the event of default is limited to the collateral asset only.
Wiktionary
Origin of Nonrecourse
-
non- +"Ž recourse.
From Wiktionary
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